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Modern theory of cost Related: Theories of Costs - Cost Function Anal...
MODERN THEORY OF COSTS. The U-shaped cost curves of the traditional theory have been questioned by various writers both on theoretical a priori and on empirical grounds. SHORT-RUN COSTS: As in the traditional theory, short-run costs are distinguished into average variable costs (AVC) and average fixed costs (AFC).
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Modern theory of cost Related: Theories of Costs - Cost Function Analysis, Business Economics & Finance
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