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"Not long ago, the Canadian edition of a famous textbook on principles of economics had a diagram depicting a U-shaped average fixed cost curve"
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When the firms increase level of output its total cost increase while shifting TC1 to TC2. In the long run firms can mobilize all the inputs used in production process.
Firm’s fixed cost derives from the recourses which it cannot be mobilized. Cost of fixed resources is not varied upon varying output levels. Thus stays constant in above two cost functions. Average fixed cost is the ratio of firms’ fixed cost and level of output which can be given as;
In conclusion cost minimizing firms’ AC curve can be illustrated using U-shaped curve. Firms’ FC is a constant value in the short run and hence AFC curve continuously decreases with increasing output
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