Question

which of the following is correct

a |
Marginal cost cuts average fixed cost at the latter’s minimum point. |

b |
Average fixed cost cuts marginal cost at the latter’s minimum point. |

c |
Marginal cost cuts average total cost at the latter’s minimum point. |

d |
Average variable cost cuts marginal cost at the latter’s minimum point. |

Answer #1

The shutdown point in the long run is
___________________.
Minimum Marginal Cost
Minimum Average Fixed Cost
Minimum Average Variable Cost
Minimum Average Total Cost
The shutdown point in the short run is
___________________.
Minimum Marginal Cost
Minimum Average Fixed Cost
Minimum Average Variable Cost
Minimum Average Total Cost

1- Match the following
Total Cost C = Total Cost - Fixed Cost
Fixed Cost A. = Variable Cost + Fixed Cost
Variable Cost B. = Total Cost - Variable Cost
Economic Costs .D. include Opportunity Cost
2- Match the following
Average fixed cost A= fixed cost / quantity
Average variable cost B= Variable cost / Q
Average total cost C= total cost / quantity
Marginal Cost D= Delta total cost / delta quantity
3-
If Marginal Cost is equal...

Which of the following statements is correct?
rev: 06_26_2018
Multiple Choice
The marginal cost curve intersects the average variable cost
curve at its lowest point.
If average variable cost is increasing, then average total cost
must be increasing too.
The marginal cost curve intersects the average variable cost
curve at a level of output greater than where the marginal cost
curve intersects the average total cost curve.
Marginal cost is the change in the average fixed cost associated
with a...

In the short run, which of the following statements is correct?
Fixed cost rises, Marginal cost rises., Average cost decreases,
None of the above is correct.

Assume diminishing marginal product at some point.
Draw the fixed cost, average fixed cost, marginal cost, average
variable cost and average total cost curves for a firm.
Indicate the quantity associated with efficient scale. What two
curves intersect at this point?
Is this a short run or long run cost analysis?

Total cost is calculated as _____.
Select one:
a.
average fixed cost plus average variable cost
b.
fixed cost plus variable cost
c.
the additional cost of the last unit produced
d.
marginal cost plus variable cost
e.
marginal cost plus fixed cost
--------------------------------------------------------------------------------------
The law of diminishing marginal returns states that:
Select one:
a.
long-run average cost declines as output increases.
b.
if the marginal product is above the average product, the
average will rise.
c.
as units of...

Which statement about the short-run is true? Group of answer
choices
Marginal cost intersects the maximum of average variable
cost.
Marginal cost intersects the minimum of average variable
cost
. Marginal cost intersects the minimum of average fixed
cost.
None of the other answers is correct.
Marginal cost intersects average total cost at the minimum of
marginal cost

Which of the following best describes
the relationship between marginal cost and average cost of
production?
A) Total cost
minimisation occurs at the point where marginal cost equals average
cost.
B) When marginal cost
exceeds average cost, average cost must increase with
output.
C) When marginal cost
equals average cost, total revenue must be maximised.
D) Average cost
increases at a diminishing rate if marginal cost is positive.

Fill in the correct option within each set of brackets; indicate
your selection by underlining the words you choose:
For any quantity of production for which marginal cost is less
than average total cost, average total cost must be {rising,
falling}, and similarly if marginal cost is greater than average
total cost, ATC must be {rising, falling}. Marginal cost cuts
through the average total cost function at ATC’s {minimum, maximum}
point. The relationship similar between marginal cost and {average
fixed,...

If marginal cost exceeds average variable cost,
average variable cost is decreasing
average variable cost is negative
average variable cost is increasing
marginal cost is greater than average total cost
average fixed cost is increasing
If marginal cost exceeds average variable cost,
average variable cost is decreasing
average variable cost is negative
average variable cost is increasing
marginal cost is greater than average total cost
average fixed cost is increasing
Which of the following is true of marginal product?
When...

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