1.   As regions specialize and expend production, they can lower their average costs.

2.   But when the average cost curve is falling the Marginal cost curve lies below average cost.

3.   In a similar way we can first examine ray average costs and returns to scale along a ray.

4.   In particular, let the average cost curves for firms in one country lie everywhere below those in the other.

5.   Large economies of scale mean that Marginal cost lies below average cost.

6.   Output is allocated among plants so that all are producing at the lowest point on their average cost curves.

7.   The average cost of capital is primarily of interest in capital structure management.

8.   The average cost of recording a pop single was in thousands rather than hundreds of pounds.