The following graph shows the cost curves for a typical firm. Identify the follo
ID: 1214988 • Letter: T
Question
The following graph shows the cost curves for a typical firm.
Identify the following curves (I – IV):
Marginal Cost ______
Average Cost ______
Average Fixed Cost ______
Average Variable cost ______
Marginal cost is minimized when output is equal to about _____ units.
The efficient scale of production is about _____ units.
Average Cost is minimized when output is about _____ units.
n18 14 12 10 4 2 0 2 46 8 10 12141618 20 22 2426283032 34 QuantityExplanation / Answer
a)Marginal cost - IV
b)Average cost - III
c)Average fixed cost - I
d)Average variable cost - II
e)12
f)21
g)25
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