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  3. you should be able to answer each of the following

You should be able to answer each of the following questions in a just a few...

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Economics

You should be able to answer each of the following questions ina just a few sentences. Graphs or figures might be good to includeif they help you to make a better argument or to explain youranswer more clearly.

3. Grandma promises to sneak you some bourbon while your parentsare cleaning up the Thanksgiving dishes, but only if you canimpress her with something you learned in your economics class.Carefully explain to Grandma why the short run average total costcurve is U-shaped so that the two of you can sip a little Maker’stogether.

4. In order to improve your chances of matching with someone,you decide to update your online dating profile. Specifically, youdecide that to impress potential partners you will show off whatyou know about monopolies and marginal revenue. Draft out anexplanation as to what marginal revenue is for the monopolist sothat you can have them all wanting to swipe right!

Answer & Explanation Solved by verified expert
3.8 Ratings (467 Votes)
3Ans The short run average cost curve is Ushaped Average cost is derived by dividing the total cost by the total output At low levels of output the average costs are high due to high average fixed and average variable costs But as the level of output increases the average costs fall more sharply due to declining average fixed costs and average    See Answer
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