Select choices which are true about Marginal Costs. (Select all that apply.) (change in Total Cost) divided by (change in Quantity) crosses Average Fixed Cost at minimum point of Average Fixed Cost crosses Average Total Cost at minimum point of Average Total Cost always horizontal crosses Average Variable Cost at minimum point of Average Variable Cost Total Cost divided by Quantity

Select choices which are true about Marginal Costs. (Select all that apply.) (change in Total Cost) divided by (change in Quantity) crosses Average Fixed Cost at minimum point of Average Fixed Cost crosses Average Total Cost at minimum point of Average Total Cost always horizontal crosses Average Variable Cost at minimum point of Average Variable Cost Total Cost divided by Quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Cost (dollars) 150 100 50 0 5 10 D $15 20 B Output (teapots per day) 5. Refer to Figure above. Which one of the following statements are [TRUE/FALSE]? 0 A. The vertical gap between curves B and C is equal to average variable cost. [TRUE/FALSE] 0 B. Average fixed cost decreases with output. [TRUE/FALSE] 0 C. Line B comes closer to line C as output increases because of a decrease in average fixed cost. [TRUE/FALSE] D. The vertical gap between curves B and C is equal to average fixed cost. [TRUE/FALSE] 0 E. Curve D is the marginal cost curve. [TRUE/FALSE]
When marginal cost equals average toal cost, average total cost, (Click for List) rising at a minimum falling constant at a maximum
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