ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Short-Run Costs and Long-Run Costs
Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.
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Discuss in detail the law of diminishing returns and how it explains the shape of the short-run average cost curve. provide a graph if possible.

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Step 1: Define the law of diminishing MU
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Step 2: Explain law of diminishing returns
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Step 3: Shape of the short-run average cost curve:
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