The figure below shows the Marginal, Average Variable and Average Total cost cur

Question

The figure below shows the Marginal, Average Variable and Average Total cost curves.

Question 1. At an output level of G, total variable cost is given by the area of the following rectangle.

Answer

Question 2:

Based on the graph above (from the previous question), why does the ATC curve fall, reach a minimum, and then rise over various output ranges:

Answer

A. Because AFC is constant in this example.

B. ATC falls when AFC is below ATC, and ATC rises when AFC is above ATC.

C. ATC falls when MC is above ATC, and ATC rises when MC is below ATC.

D. ATC falls when MC is below ATC, and ATC rises when MC is above ATC.

Question 3:

Answer

Answer

Question 5

Answer

Question 6

Answer

Question 7

For this question, assume that an increase in the price of good A causes consumers to make the following adjustments in their equilibrium quantities purchased: a decrease in good B and an increase in good C, other things equal. Then, from this information, we are able to conclude that good B is a ____________ for good A and good C is a ______________ for good A:

Question 8

Answer

A. 0GJA. B. 0CKG. C. 0GLF. D. 0HNB.

Explanation / Answer

your images are not clear,

can you send links to the same

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.