Discuss the relationship that exists amongst the three short-run total cost curves. Motivate your answer with the aid of a diagram. 2.2 Explain in detail, the shape of the individual supply of labor curve. Illustrate your answer with the aid of a diagram. 2.1

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.