This is a class question that needs to be answer with at least 150 words. I would like it explain in your own words, but if not please cite-in-text with reference. No Plagiarism
When you analyze these measures for a company you get one measure for average cost corresponding to the level of production but in economics we look at all possibilities at all possible levels of output. Then we also look at short run production and cost functions and the long run functions. Let me point you in a different direction. How does improvements in technology affect the product and cost curves?
Any thoughts or comments?
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