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1)Discuss the different types of industries can exist in the long-run

Economics

1)Discuss the different types of industries can exist in the long-run. Please also elaborate your answer with suitable graphs.

2)Using the Marginal Revenue and Marginal Cost method, explain where should a firm produce. Support your answer with suitable graphs to show the short run profit and loss.

3)Discuss in details the relationship between short run and long run average cost curves. Support your answer with suitable graphs.

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