Question

Show graphically and explain the relationship between the total cost curve and average cost, marginal cost...

Show graphically and explain the relationship between the total cost curve and average cost, marginal cost and average variable cost curves.

please provide the graph and write electronic version. Thank you.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Q1. What is the relationship between the marginal product of labour and the marginal cost? Q2....
Q1. What is the relationship between the marginal product of labour and the marginal cost? Q2. What is the difference between diminishing marginal returns and diseconomies of scale? Q3. Draw an average total cost curve, an average variable cost, and a marginal cost curve all on the same diagram. You do not need to include numbers or make it to scale. Make sure however that the curves have their usual shape, and that your diagram shows the correct relationships between...
Short Run Cost 1)Why is the ATC U-Shaped? b)Why is marginal curve upward sloping in the...
Short Run Cost 1)Why is the ATC U-Shaped? b)Why is marginal curve upward sloping in the short run ? c)Where and why does the MC curve cross the ATC curve? d)Given values for ATC and AVC,how would you determine Fixed cost (what are the steps necessary to get from the first twoto the last one )? e)Given ATC,how would you determine total cost? f)Graphically show and verbaly explain what the general pattern of and relationship between fixed cost,variable cost and...
Short run cost curves: a. Explain why the marginal cost curve intersects the average total and...
Short run cost curves: a. Explain why the marginal cost curve intersects the average total and variable cost curve at their respective minimum values: b. At what point on the ATC will a perfectly competitive firm always produce in the long run: c. The supply curve for a perfectly competitive firm is the same as one of the cost curves based on a specific criterion. State both the curve and the criterion:
Graph the marginal cost curve, average variable cost curve, marginal revenue curve ,average total revenue curve,...
Graph the marginal cost curve, average variable cost curve, marginal revenue curve ,average total revenue curve, profit, and quantity produced for a firm that has these 3 characteristics 1. In a competitive market 2. Sell an ordinary good 3. 2 Input Cobb Douglas in which one variable is fixed in the short run
The graph illustrates an average total cost (ATC) curve (also sometimes called average cost), marginal cost...
The graph illustrates an average total cost (ATC) curve (also sometimes called average cost), marginal cost (MC) curve, average variable cost (AVC) curve, and marginal revenue (MR) curve (which is also the market price) for a perfectly competitive firm that produces toy spaceships. Please answer the three questions, assuming that the firm is profit maximizing and does not shutdown in the short run. What is the firm's total revenue? $ What is the firm's total cost? $ What is the...
Draw the average variable cost and average total cost curves for a typical firm. Include the...
Draw the average variable cost and average total cost curves for a typical firm. Include the MC curve. Describe the relationship between marginal and average costs.
1. How are marginal and average product related graphically to marginal and average variable cost? a....
1. How are marginal and average product related graphically to marginal and average variable cost? a. They are mirror images of each other. b. The maximums of the product curves are the minimum of the cost curves. c. As marginal and average product increase the respective cost curves decrease. d. All of the above. 2 How can long-run total cost be calculated? a. Multiplying average costs by output. b. Adding positive total fixed costs to total variable costs. c. Multiplying...
(a) Explain the difference between average, total, and marginal revenue? What is the shape of the...
(a) Explain the difference between average, total, and marginal revenue? What is the shape of the total and marginal revenue curves for the individual perfectly competitive firm? [5marks] (b) Why does price equal marginal revenue for the perfectly competitive firm? What is the relationship to the demand curve for the firm? [5marks] (c) Why is the level of output at which marginal revenue equals marginal cost the profitmaximizing output? [5marks] (d) What conditions are necessary to determine if the purely...
[2b] Explain and graph the relationship between marginal product and marginal cost in a firm. Why...
[2b] Explain and graph the relationship between marginal product and marginal cost in a firm. Why must the marginal cost of production increase if the marginal product of the variable resource is decreasing.
A) What relationship does the IS curve plot? Explain, in words and graphically, why the IS...
A) What relationship does the IS curve plot? Explain, in words and graphically, why the IS curve slopes downward. Be sure to label the graph properly. B) What relationship does the LM curve plot? Explain, in words and graphically, why the LM curve slopes upward. Be sure to label the graph properly.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT