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QUESTION
a) What is the formula for Marginal Costs? What is the diagrammatical relationship of Marginal cost to Average Variable Costs and Average Total Costs?...
a) What is the formula for Marginal Costs? What is the diagrammatical relationship of Marginal cost to Average Variable Costs and Average Total Costs?
Does it matter if you use Total Variable Costs or Total Costs in the formula? Please explain why or why not?
