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Diminishing returns grow increasingly more important as output increases The graph of marginal cost is upward sloping due to diminishing returns as
Diminishing returns grow increasingly more important as output increases The graph of marginal cost is upward sloping due to diminishing returns as is average variable cost, however the graph of marginal cost is steeper The graph of average fixed cost is downward sloping The graph of average total cost Is U shaped The marginal cost curve intersects the average total cost curve at its lowest point. Minimum Average Total Cost The minimum cost ouput is the minimum average cost A few rules regarding a firms marginal cost and average total cost curve... At minimum-cost output average total cost is equal to marginal cost At output less than the minimum cost output, marginal cost is less than average total cost and average total cost is falling At an ouput greater than minimum-cost output, marginal cost is greater than average total cost and average total cost is rising. Does the Marginal Cost Curve always Slope Upward?
