![[47] In the short-run, marginal cost crosses average total cost at the minimum of average total cost. A. True False](http://img.homeworklib.com/questions/c9a81ba0-77d6-11ea-8133-5bc56cd9bef2.png?x-oss-process=image/resize,w_560)
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When the average cost increases, the marginal cost is greater than the average cost. When the average cost stays the same (is at a minimum or maximum), the marginal cost equals the average cost.
Answer :-true
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[47] In the short-run, marginal cost crosses average total cost at the minimum of average total...
profit maximization occurs where a. marginal cost crosses marginal revenue b. marginal cost crosses average revenue...
profit maximization occurs where a. marginal cost crosses marginal revenue b. marginal cost crosses average revenue c. average variable cost crosses average revenue d. average variable cost crosses marginal revenue the main difference between the short run and long run is that: a. firms earn zero profits in the long run b. the long run always refers to a time period of one year or longer c. in the long run, only one variable can be fixed d. in the...
The following graph shows the short-run average total cost curves and the long-run average total cost...
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Qı marks the point of tangency between SRATC1 and LRATC The orange point on SRATC, indicates the firm's current output level in the short run(Q). SRATC, SRATCE SRATC SRATC, SRATC COST PERUNT OUTPUT...
The following graph shows the short-run average total cost curves and the long-run average total cost...
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Qı marks the point of tangency between ATCi and LRATC The orange point on ATC1 indicates the firm's current output level in the short run (2) ATC, ATCs ATC ATC OUTPUT In the...
Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm.
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC4...
QUESTION 13 Every point on the long-run average cost curve is O on a short-run marginal...
QUESTION 13 Every point on the long-run average cost curve is O on a short-run marginal cost curve. also a minimum point on a short-run average cost curve. O on a short-run average total cost curve. O on a short-run average variable cost curve. QUESTION 14 If total costs are $50,000 when 1000 units are produced, and total costs are $50,100 when 1001 units are produced, we can conclude that O average variable costs are $100. o marginal costs are...
9. Long-run cost relationships The following graph shows the short-run average total cost curves and the...
9. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC. The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC),...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
Question 1 In the short run, as output increases, the difference between average total cost and...
Question 1 In the short run, as output increases, the difference between average total cost and average variable cost decreases. the difference between total cost and average variable cost decreases marginal cost eventually decreases. All of the above are correct. Question 2 The marginal cost curve intersects the at its minimum average variable cost curve average total cost curve average fixed cost curve A and B are both correct. Question 3 Refer to the short-run information provided in Figure 8.5...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average total cost curve for a firm. Cost Curves 11 10 - 9 LRATC SRATC SRMC SRATC SRMC Per unit costs SRATO SRMC . 10 10 Quantity Which cost curves represent an efficient firm producing where there are diseconomies of scale? (Click to select) | Which cost curves represent an efficient firm producing where there are economies of scale? (Click to select) Which cost curves...
hich of the following is true in the short run? Multiple Choice The average total cost...
hich of the following is true in the short run? Multiple Choice The average total cost curve is a parabola that opens to the right along the X axis. The marginal cost curve is a parabola that opens down along the Y axis. The average variable cost curve is a parabola that opens up along the X axis. The average total cost curve is a parabola that opens up along the Y axis.
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Qı marks the point of tangency between SRATC1 and LRATC The orange point on SRATC, indicates the firm's current output level in the short run(Q). SRATC, SRATCE SRATC SRATC, SRATC COST PERUNT OUTPUT...
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Qı marks the point of tangency between ATCi and LRATC The orange point on ATC1 indicates the firm's current output level in the short run (2) ATC, ATCs ATC ATC OUTPUT In the...
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC4...
QUESTION 13 Every point on the long-run average cost curve is O on a short-run marginal cost curve. also a minimum point on a short-run average cost curve. O on a short-run average total cost curve. O on a short-run average variable cost curve. QUESTION 14 If total costs are $50,000 when 1000 units are produced, and total costs are $50,100 when 1001 units are produced, we can conclude that O average variable costs are $100. o marginal costs are...
9. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC. The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
Question 1 In the short run, as output increases, the difference between average total cost and average variable cost decreases. the difference between total cost and average variable cost decreases marginal cost eventually decreases. All of the above are correct. Question 2 The marginal cost curve intersects the at its minimum average variable cost curve average total cost curve average fixed cost curve A and B are both correct. Question 3 Refer to the short-run information provided in Figure 8.5...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average total cost curve for a firm. Cost Curves 11 10 - 9 LRATC SRATC SRMC SRATC SRMC Per unit costs SRATO SRMC . 10 10 Quantity Which cost curves represent an efficient firm producing where there are diseconomies of scale? (Click to select) | Which cost curves represent an efficient firm producing where there are economies of scale? (Click to select) Which cost curves...
hich of the following is true in the short run? Multiple Choice The average total cost curve is a parabola that opens to the right along the X axis. The marginal cost curve is a parabola that opens down along the Y axis. The average variable cost curve is a parabola that opens up along the X axis. The average total cost curve is a parabola that opens up along the Y axis.
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