An electronic-parts manufacturer with U-shaped short-run cost curves is producing 15,000 units per month and has short-run costs as follows: ATC-$5.50, AVC-$450, AFC-$1.00, MC-$6.20 a. At this level of output, has the firm started experiencing diminishing marginal and average returna? How do you know? and At this level of output, the firm started experiencing diminishing marginal and average retums. Diminishing marginal returns correspond to diminishing average retums correspond to Since the fem has U-shaped cost curves and since both of these costs must be is greater than

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.