In terms of how each curve is plotted on a graph, explain the relationship between the marginal product and marginal cost curve. Draw a graph to illustrate your answer.
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4) (20 pts) The marginal product curve intersects the average product curve at the maximum point of the AP curve. Conversely, the marginal cost curve intersects the average variable cost curve at the minimum point of the AVC curve. a. Explain why this necessarily has to be the case. Present your answer both in mathematical and intuitive terms. Be as detailed as you possibly can in answering this question. b. Explain why the marginal cost curve above the average variable...
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.
b. Average variable cost, average fixed cost, marginal cost and average cost are necessary for the analysis of the cost structure of the firm. Define each of these terms and show how they are calculated c. Describe the relationship between the marginal product and the total product of a firm
Can someone please explain to me in detail why average fixed cost curve is downward? Also what is the relationship between average fixed cost and average cost. Also explain the relationship between average cost and marginal cost and how it affects the efficient scale.
Suppose a profit maximizing monopolist has total cost and marginal cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
Is it possible for the average total cost curve to decline if the marginal cost curve is rising? Explain your answer. Would be greatly appreciated if it answered in 5sentences by yout own not copy and paste
Where does the marginal resource curve lie in relationship to the supply curve? Please explain why they have this relationship. Thanks!! MFC (Marginal Factor Cost) Wage Independent Variable (Supply) MRP MFC D MRP (Demand) Q0 Quantity of Labor Dependent Variablee MFC (Marginal Factor Cost) Wage Independent Variable (Supply) MRP MFC D MRP (Demand) Q0 Quantity of Labor Dependent Variablee
what happens to total cost curve due to diminishing marginal product and explain the reasons for the curve??
The graph to the right depicts the average cost curves and the marginal cost curve for a typical firm in a competitive industry. 1.) Using the line drawing fool, draw the firm's demand curve at a market price such that the firm is breaking even. Label your curved, 2.) Using the line drawing tool, draw the firm's demand curve at a market price such that the firm is at its shutdown price. Label your curved, Carefully follow the instructions above,...
Define the relationship between diminishing marginal product and marginal cost.