31. The long run shutdown point for a competitive firm is the output level at the minimum of the average total cost curve . 32. By average cost pricing, the price and quantity are determined by the intersection of the average cost curve and the demand curve. 33. "The whole company is well ahead on the cost curve , " said Michael T . Regan, an analyst at Credit Suisse First Boston. 34. When drawing diagrams for firms, this condition is satisfied if the equilibrium is at the minimum point of the average total cost curve . 35. AVC is the Average Variable Cost, AFC the Average Fixed Cost, MC the marginal cost crossing the minimum of the Average Cost curve . 36. Examining the relevant diagram we see that such production creates a social cost curve that is less than that of the private curve. 37. Thus the firm's long-run supply curve is the long run marginal cost curve above the minimum point of the long run average cost curve . 38. Thus the firm's long-run supply curve is the long run marginal cost curve above the minimum point of the long run average cost curve. 39. If the modeller has access to the details of non-linear cost curves then " w " will need to be defined by the appropriate function. 40. The operating costs were viewed as being in the lower part of the cost curve and be able to handle drops in the zinc price.
