Question
Draw a production possibility curve. What does a point below this curve indicate? Explain.
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Answer
Explanation about pt. P.
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Output (Units)
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Total Variavle Cost (TVC) (₹)
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Average Variable Cost (AVC) (₹)
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Marginal Cost (MC) (₹)
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1
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__
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__
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__
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4
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40
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__
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Quantity
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TR (Rs)
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TC(Rs)
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Profit
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0
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OR
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OR
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