For any given level of output Select one. O A. marginal cost must be greater than average cost B. average variable cost must be greater than average fixed cost fixed cost must be greater than variable cost O D average fixed cost must be greater than average variable cost None of the above is necessarily correct

For any given level of output Select one. O A. marginal cost must be greater than average cost B. average variable cost must be greater than average fixed cost fixed cost must be greater than variable cost O D average fixed cost must be greater than average variable cost None of the above is necessarily correct

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3) Which of the following is not true about the marginal cost? Oo The marginal cost (MC) curve is U shaped. It can be calculated by dividing the change in the total cost by the change in the output. It is the additional cost incurred by a firm from changing output by a certain amount. It can be calculated by dividing the total cost by the quantity.
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Output TC ($) 200 250 15 300 20 350 23 400 25 450 Refer to the information above to answer this question. If total variable cost decreases by 20% at all levels of output, what is ATC when output is 20? O a. $12 O b. $30 Oc. $10 O d. $16 O e. $80
Cost Per Year O O O 1 At what level of output does average total cost equal marginal cost? ♂ Q4 QQQQ Q8 TC VC FC Output