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Cost Of Production and Concept of Revenue — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsCost Of Production and Concept of Revenue2 Marks
Question
Explain the signification of average cost and marginal cost, while taking a decision of output.
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Answer

  • The producer taking decision to keep continue in long run. if its product price is more than average cost. while the product price is more than marginal cost, the producer take decision to continue in short run.

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