Correct me if I am wrong. I don't think these three phases depending on output. 1st MC>AC, TC is concave, increasing return to scale. 2nd, MC=AC, constant return to scale. 3rd, MC<AC, TC is convex, decreasing return to scale.
Correct me if I am wrong. I don't think these three phases depending on output. 1st MC>AC, TC is concave, increasing return to scale. 2nd, MC=AC, constant return to scale. 3rd, MC<AC, TC is convex, decreasing return to scale.