Homework Answers
5.MC interesects AVC and AC at their minimum.
Answer-D
6.Bills of tuition are included in consumption spending part of GDP as turion is a service.
Answer-A
7.GDP is the aggregate of consumption, investment spending, government purchases and net exports.It is the final value of all goods and services produced in a given year.
Answer-D
8.A common resource is overused if not regulated like hunting of an animal .
Answer-B
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5. The minimum points of the average variable cost and average total cost curves occur where...
Figure 15-4 Curve 01 03 04 05 15. Refer to Figure 15-4. Profit will be maximized...
Figure 15-4 Curve 01 03 04 05 15. Refer to Figure 15-4. Profit will be maximized by charging a price equal to a. P4. b. PI. c. P5. d. P3. 16. Refer to Figure 15-4. If the monopoly firm is currently producing Q4 units of output, then a decrease in output w necessarily cause profitto a decrease. b. remain unchanged. c. increase as long as the new level of output is at least 02. d. None of the above is...
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...
Which of the following statement is (are) TRUE? I. If marginal cost is rising, the average...
Which of the following statement is (are) TRUE? I. If marginal cost is rising, the average total cost must be rising. II. The marginal cost curve intersects both the average total and average variable cost curves at their minimum points. III. If marginal cost is less than average variable cost, the average variable cost curve is negatively sloped. a) I, II and III b) I and III c) II d) II and III
Calculate A) Total Fixed Cost (TFC), Total Variable Cost (TVC), Average Fixed Cost (AFC), Average Variable...
Calculate A) Total Fixed Cost (TFC), Total Variable Cost (TVC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC). B) Graph the average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), and the marginal cost (MC) curves on one graph and TFC curve, TVC cost curve, and TC curve on another graph. Quantity Produced Total Cost 0 $ 120 1 135 2 148 3 159 ...
6. Total cost is calculated as a.the sum of total fixed cost and total variable cost....
6. Total cost is calculated as a.the sum of total fixed cost and total variable cost. b.the product of average total cost and price. c. the sum of all the firm's explicit costs. d. the sum of average fixed cost and average variable cost 7. The formula for the total fixed cost is a.TFC = TC + TVC. b.TFC = TVC -TC c.. TFC = TC/TVC. d.TFC = TC -TVC 8.The Lawn Ranger, a landscaping company, has total costs of...
Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At...
Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q=50, the total variable cost is: MC ATC /AVC O A. $1,200 O B. $1,500 O C. $2,100 OD. $2,800 - 100 Figure 8.3
Question 8 Which of these curves is the competitive firm's supply curve? O the average variable...
Question 8 Which of these curves is the competitive firm's supply curve? O the average variable cost curve above marginal cost O the average total cost curve above marginal cost O the marginal cost curve above average variable cost o the marginal cost curve above average total cost
The curves show the marginal cost (MC), average variable cost (AVC), and average total cost (ATC)...
The curves show the marginal cost (MC), average variable cost (AVC), and average total cost (ATC) functions for a firm in a competitive market. Using the straight-line tool, draw a straight line, all the way from the left edge of the graph to the right edge, to represent the minimum price at which the firm should continue operating.
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1...
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1 Figure 1 1. In Figure 1, at output 0B, line segment HK equals A. average fixed cost. B. fixed cost. C. average total cost. D. marginal cost. E. total cost. NC 2. According to Figure 1, the marginal cost curve cuts the average total cost curve at output 3. Average total cost is minimized in Figure 1when output equals 4. Marginal cost is minimized...
37. At what level of output will average variable cost equal average total cost? a. when...
37. At what level of output will average variable cost equal average total cost? a. when marginal cost equals average variable cost b. when marginal cost equals average total cost c. for all levels of output in which average variable cost is falling d. There is no level of output where this occurs, as long as foxed costs are positive. Figure 16-11 rice 50 MC 45 + ATC 40 35+ 30 25 20 15 + 10 MR 10 20 30...
Figure 15-4 Curve 01 03 04 05 15. Refer to Figure 15-4. Profit will be maximized by charging a price equal to a. P4. b. PI. c. P5. d. P3. 16. Refer to Figure 15-4. If the monopoly firm is currently producing Q4 units of output, then a decrease in output w necessarily cause profitto a decrease. b. remain unchanged. c. increase as long as the new level of output is at least 02. d. None of the above is...
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...
Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q=50, the total variable cost is: MC ATC /AVC O A. $1,200 O B. $1,500 O C. $2,100 OD. $2,800 - 100 Figure 8.3
Question 8 Which of these curves is the competitive firm's supply curve? O the average variable cost curve above marginal cost O the average total cost curve above marginal cost O the marginal cost curve above average variable cost o the marginal cost curve above average total cost
The curves show the marginal cost (MC), average variable cost (AVC), and average total cost (ATC) functions for a firm in a competitive market. Using the straight-line tool, draw a straight line, all the way from the left edge of the graph to the right edge, to represent the minimum price at which the firm should continue operating.
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1 Figure 1 1. In Figure 1, at output 0B, line segment HK equals A. average fixed cost. B. fixed cost. C. average total cost. D. marginal cost. E. total cost. NC 2. According to Figure 1, the marginal cost curve cuts the average total cost curve at output 3. Average total cost is minimized in Figure 1when output equals 4. Marginal cost is minimized...
37. At what level of output will average variable cost equal average total cost? a. when marginal cost equals average variable cost b. when marginal cost equals average total cost c. for all levels of output in which average variable cost is falling d. There is no level of output where this occurs, as long as foxed costs are positive. Figure 16-11 rice 50 MC 45 + ATC 40 35+ 30 25 20 15 + 10 MR 10 20 30...
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