Homework Answers
Solution: the marginal cost curve is a parabola that opens down along the Y-axis
Explanation: A parabola refers to a curve which has a turning point and unlike the slope changes at different values of X. As in the short run, only one input is variable therefore the average total cost curve opens to the right along the x-axis
Add Answer to:
hich of the following is true in the short run? Multiple Choice The average total cost...
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...
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, Q1 marks
the point of tangency between SRATC1 and LRATC .
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average...
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...
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...
1. Which of the following must be true when average total cost is decreasing? Average fixed...
1. Which of the following must be true when average total cost is decreasing? Average fixed cost is increasing. Average variable cost is constant. Marginal cost is lower than avergae total cost. Marginal cost is decreasing. 2. Which of the following is true? AVC=ATC+AFC. AFC will go up in the beginning but will eventually go down. MC= (change in TC)/ (change in Q) FC+MC=TC. 3. Which of the following is true? Average product (AP) is increasing when the marginal product...
[47] In the short-run, marginal cost crosses average total cost at the minimum of average total...
[47] In the short-run, marginal cost crosses average total cost at the minimum of average total cost. A. True False
1. In the following graph, a firm's short run total cost curve is given as ABCD...
1. In the following graph, a firm's short run total cost curve is given as ABCD and its long run total cost curve is given as OBEF. This fimm's short run total cost curve ABCD is tangent to its long run total cost curve OBEF at point B. (a) Draw this firm's short run average cost curve and long run average cost curve. [6 marks] (b) Draw this firm's short run marginal cost curve and long run marginal cost curve....
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...
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...
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 .
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average...
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...
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...
[47] In the short-run, marginal cost crosses average total cost at the minimum of average total cost. A. True False
1. In the following graph, a firm's short run total cost curve is given as ABCD and its long run total cost curve is given as OBEF. This fimm's short run total cost curve ABCD is tangent to its long run total cost curve OBEF at point B. (a) Draw this firm's short run average cost curve and long run average cost curve. [6 marks] (b) Draw this firm's short run marginal cost curve and long run marginal cost curve....
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...
Most questions answered within 3 hours.
-
23- The consideration needed to support a contract
must:
a. Flow to the promise AND have...
asked 1 hour ago -
1. What is the main causal factor of Border line personality
disorder? Research has also found...
asked 3 hours ago -
The National Institute of Standards and Technology (NIST)
supplies "standard materials" whose physical properties are
supposed...
asked 3 hours ago -
Alpha Centauri A and B are Sun-like stars, and together they
form the binary star Alpha...
asked 3 hours ago -
What is the pH of a 0.200 M solution of sulfurous acid? Given:
Ka1 = 1.70×10–2,...
asked 3 hours ago -
Sociologists have conducted much interesting research on gender
stereotypes in American society. A curious aspect of...
asked 3 hours ago -
1. Based on your results, calculate how many kilograms of plant
material you would need to...
asked 3 hours ago -
Sample (taken every two minutes)
Angle of Rotation
0
102.9
2
104.2
4
106.2
6
104.8*...
asked 3 hours ago -
Adrian's utilities of two consumption bundles are 50 and 100,
respectively. This implies that A. Adrian...
asked 3 hours ago -
1. A 24.9 mL sample of 0.332 M
methylamine,
CH3NH2, is titrated with
0.264 M perchloric...
asked 3 hours ago -
You're working as a security analyst for a small company that
doesn't have the resources of...
asked 4 hours ago -
As the project manager of a large project, you have just
completed the Estimate Costs process....
asked 4 hours ago