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QUESTION
a) Write an appropriate equation to represent the long-run total cost function (LRTC). Show the LRTC in a diagram.
5. a) Write an appropriate equation to represent the long-run total cost function (LRTC). Show the LRTC in a diagram.
b) Write an appropriate equation to represent a " U-shaped" short-run average cost function (SRAC). Show the SRAC in a diagram.
