II. Sketch the short-run AVC, ATC and MC curves of a firm that produces steel. How would the curves change if: a. the CEO of the company received a raisenf $1 million per year? b. the price of iron ore rose significantly? 11. Sketch the short-run AVC, ATC and MC curves of a firm that produces steel. How would the curves change if: a. the CEO of the company received a raise of $1 million per year? b. the price of iron ore rose significantly?

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