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MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 8 CONCEPTS OF COST2 Marks
Question
What do the short run marginal cost, average variable cost and short run average cost curves look like?
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Answer

Short run marginal cost (SMC), average variable cost (AVC) and short run average cost (SAC) curves are generally 'U' shaped in accordance with the law of variable proportions.

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