firm aims at minimizing its cost. Which of the following statement is TI A. The firm's technology must exhibit decreasing returns-to-scale. B. The average production cost of the firm must increase as y increases. C. The average production cost function may be concave. D. Suppose the firm becomes subject to the short-run constraint that x2 = run total cost curve is always higher than the original long-run total cosi

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A: We have 3 different costs, ATC, AVC and AFC where ATC is the sum of AVC and AFC. Given that are…

Q: Explain in words why the Law of Diminishing Marginal Returns implies that there are increasing…

A: Law of diminishing marginal returns states that, as the production is continuous using factor of…

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A: Given: To Find: The short-run total cost if Ike's Bikes is currently producing 600 bikes: The…

Q: Why the average fixed cost curve does not touch the output axis ? YA AFC Output Cost

A:

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Q: The long-run is a period of time long enough so that all inputs, including facility and equipment,…

A: PLEASE FIND THE ANSWER BELOW.

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A: ATC, or average total cost, is a term used in economics and business. It's a statistic used to…

Q: Use the following table to answer the questions:   Output Total Cost 0 24 1 33 2 41 3 48…

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Q: Lesson 8 - Costs Question 4

A: The correct answer is:d. ATC intersects with AVC at the minimum of ATC.  This statement is correct…

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Q: Figure 13-9 The figure below depicts average total cost functions for a firm that produces…

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A: Given data: Total cost function TC=$1000+$6X Quantity X=3000 units

Q: A firm’s marginal product will be at a maximum at which of the following levels of output?…

A: To determine the level of output at which a firm's marginal product will be at a maximum.

Q: 800 Is 720 640 SRATC, 560 480 SRATC, 400 320 SRATC, 240 160 LRATC 80 100 200 300 400 500 600 700…

A:

Q: A firm has the production function y = 4LK. The marginal products are given by MP, = 4K and MPK =…

A: Given  Production function: y= 4

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A: Law of diminishing marginal return applies to short run where at least one factor is fixed

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A: The firms are considered to be the producers who work with the motive of earning maximum possible…

Q: In the figure, the intersection of curves A and B is the point at which 20 16 20 40 60 80 Quantily…

A: