⭐ Important points (exam-critical)
- ⭐MC cuts AC and AVC at their minimum points.
- ⭐When MP > AP, AP rises; when MP < AP, AP falls.
- ⭐Economies of scale (internal: tech, managerial; external: industry-wide infrastructure).
- ⭐U-shaped AC due to law of variable proportions in short run.
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