How does a firms short-run atc curve differ from atc curve, Microeconomics

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How does a firms short-run atc curve differ from atc curve

Problem

1. How does a firm's short-run ATC curve differ from its long-run ATC curve? Explain your answer.

2. Suppose an increase in the minimum wage alters the cost of producing fast-food hamburgers. Show what happens to McDonald's long-run expansion path as a result of this wage increase.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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