Short-Run Cost Curves (Part 3)- Micro Topic 3.2

Mr. Clifford explains cost curves, focusing on marginal and average total costs. He describes why marginal cost is U-shaped due to diminishing returns and how average total cost is influenced by marginal cost. The video also covers the behavior of average variable cost in relation to marginal cost.

How does specialization of workers affect marginal cost according to the video?

What happens to the average when the marginal is greater than the average?