| 31. | The long run shutdown point for a competitive firm is the output level at the minimum of the average total cost curve.
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| 32. | By average cost pricing, the price and quantity are determined by the intersection of the average cost curve and the demand curve.
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| 33. | "The whole company is well ahead on the cost curve, " said Michael T . Regan, an analyst at Credit Suisse First Boston.
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| 34. | When drawing diagrams for firms, this condition is satisfied if the equilibrium is at the minimum point of the average total cost curve.
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| 35. | AVC is the Average Variable Cost, AFC the Average Fixed Cost, MC the marginal cost crossing the minimum of the Average Cost curve.
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| 36. | Examining the relevant diagram we see that such production creates a social cost curve that is less than that of the private curve.
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| 37. | Thus the firm's long-run supply curve is the long run marginal cost curve above the minimum point of the long run average cost curve.
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| 38. | Thus the firm's long-run supply curve is the long run marginal cost curve above the minimum point of the long run average cost curve.
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| 39. | If the modeller has access to the details of non-linear cost curves then " w " will need to be defined by the appropriate function.
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| 40. | The operating costs were viewed as being in the lower part of the cost curve and be able to handle drops in the zinc price.
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