Both short run and long run average and marginal cost curves are U-sha – InterviewSolution

InterviewSolution

1.	Both short run and long run average and marginal cost curves are U-shaped. But reasons for the U-shape are not the same. Bring out the differences.
Answer» Behaviour of output in the short run as explained by the law of variable proportions Behaviour of output in the long run as explained by the laws of returns to scale.

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