Draw various short-run cost curves-shapes are u-shaped
Explain an inverse relationship between short-run production and cost functions. Draw various short-run cost curves(i.e. AVC,MC, and ATC)and explain why their shapes are U-shaped.
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In 2008/2009, the United States was in a recession, and reported GDP was shrinking. Knowing not everything is counted, do you think a recession could "look" worse than what it is, due to how GDP is calculated?
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