The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflects A the law of diminishing returns. the law of diminishing marginal utility Ⓒdiseconomies of scale economies of scale
The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflects A the law of diminishing returns. the law of diminishing marginal utility Ⓒdiseconomies of scale economies of scale
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Total Product
2
3
4
5
10
Average Fixed Cost
$150.00
75.00
economies of scale
50.00
37.50
30.00
25.00
21.43
18.75
16.67
15.00
the law of diminishing marginal utility
diseconomies of scale.
Average Variable
Cost
$25.00
23.00
20.00
21.00
23.00
25.00
28.00
33.00
39.00
Average Total Cost
$175.00
98.00
70.00
58.50
53.00
50.00
49.43
51.76
55.67
Marginal Cost
$25.00
21.00
14.00
24.00
31.00
48.00
63.00
The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflects
A the law of diminishing returns.
35.00
46.01
68.07
86.95
128.97](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F706ad80a-f585-4c53-91a1-2729de7fd739%2F291c2941-ed83-40ac-a628-f1e92026a20e%2Fy31w5m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Total Product
2
3
4
5
10
Average Fixed Cost
$150.00
75.00
economies of scale
50.00
37.50
30.00
25.00
21.43
18.75
16.67
15.00
the law of diminishing marginal utility
diseconomies of scale.
Average Variable
Cost
$25.00
23.00
20.00
21.00
23.00
25.00
28.00
33.00
39.00
Average Total Cost
$175.00
98.00
70.00
58.50
53.00
50.00
49.43
51.76
55.67
Marginal Cost
$25.00
21.00
14.00
24.00
31.00
48.00
63.00
The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflects
A the law of diminishing returns.
35.00
46.01
68.07
86.95
128.97
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