In the situation of problems 1 and 2, suppose that you have a choice between renting the machine or.

In the situation of problems 1 and 2, suppose that you have a choice between renting the machine or not renting it. For what levels of output will you choose to rent the machine? For what levels of output will you choose not to? Suppose that in the long run you can decide whether or not to rent the machine. Draw your long-run total and average cost curves.

 

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