Homework Answers
Question 43:
All of the ablove:
The marginal cost curve is usually J-shaped and cuts the average total cost and the average variable cost at the minimum. Although you might find in books that MC curve is U shaped but MC curve can also be of J shape
when;
MC>AVC
AVC is rising
..
MC<AVC
AVC is falling
and when
MC>ATC
ATC is rising
..
MC<ATC
ATC is falling
so MC intersect AVC and ATC at the minimum.
..
Question 44:
Total cost curve is U shaped because it takes its shape from the AVC curve, with the upturn reflecting the onset of diminishing returns to the variable factor.
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QUESTION 43 i5) shaped The Marginal cost curve usually cuts through the minimum of the average...
The average total cost curve is U-shaped. At the quantity of output where average total cost...
The average total cost curve is U-shaped. At the quantity of output where average total cost is at its minimum, is the marginal cost curve above the average total cost curve, below the average total cost curve, or intersecting the average total cost curve?
If a firm has a U-Shaped long-run average cost curve, a
If a firm has a U-Shaped long-run average cost curve, a.) its fixed cost rises as output rises. b.) it must have increasing returns to scale at low levels or production and decreasing returns to scale at high levels of production. C.) it must have increasing returns to each input at low levels of production and decreasing returns to each input at high levels of production. D.) the firm can maximize its output by operating at the point of minimum...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
QUESTION 1 In the short run, the ATC curve is _____ above the AVC curve. A....
QUESTION 1 In the short run, the ATC curve is _____ above the AVC curve. A. always B. sometimes C. never 2 points QUESTION 2 As output rises, A. AFC rises. B. AFC falls. C. AFC remains the same. D. there is no way of determining what happens to AFC. 2 points QUESTION 3 When average total cost is declining, then A. marginal cost must be less than average total cost. B. marginal cost must be greater than...
Which of the following statements is (are) correct? (x) The average variable cost curve declines as...
Which of the following statements is (are) correct? (x) The average variable cost curve declines as quantity increases because variable costs always decrease as output increases. (y) The average variable cost curve and average total cost curve will eventually intersect as output increases because average fixed cost eventually becomes negative. (z) The marginal cost curve crosses the average total cost curve at the efficient scale, which occurs at the minimum point on the average total cost curve. A. (x), (y)...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes pro...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
s which curves) does the marginal cost curve intersect at the (their) minimum point? Average total...
s which curves) does the marginal cost curve intersect at the (their) minimum point? Average total cost curve a Average fived cost curve Average vaniable cost curve D Average total cost curve and average variable cost curve 16 For the cast function C(O) 1000+ 14Q +90+ 3Q, what is the marginal cost of producing the fourth unit of output? A $42 6$295 C $230 D$116 17. For the cost function C(Q) 1000 +140+902+ 30 what averaqe variable cost of producing...
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...
Question: Draw a graph showing demand curve, marginal-revenue curve, average-total-cost curve, and marginal-cost curve when monopolistic...
Question: Draw a graph showing demand curve, marginal-revenue curve, average-total-cost curve, and marginal-cost curve when monopolistic competitor in long run in loss situation.
When marginal cost of production rises above the average total cost of production, we know that:...
When marginal cost of production rises above the average total cost of production, we know that: A. the firm has economies of scale B. average total cost is decreasing C. marginal cost is negative D. average total cost is increasing Average total cost curves are usually depicted as downward sloping at low levels of output because: A. Average fixed costs are declining B. Opportunity costs decline as output (Q) increases C. Average fixed...
The average total cost curve is U-shaped. At the quantity of output where average total cost is at its minimum, is the marginal cost curve above the average total cost curve, below the average total cost curve, or intersecting the average total cost curve?
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
s which curves) does the marginal cost curve intersect at the (their) minimum point? Average total cost curve a Average fived cost curve Average vaniable cost curve D Average total cost curve and average variable cost curve 16 For the cast function C(O) 1000+ 14Q +90+ 3Q, what is the marginal cost of producing the fourth unit of output? A $42 6$295 C $230 D$116 17. For the cost function C(Q) 1000 +140+902+ 30 what averaqe variable cost of producing...
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...
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