The change on the graph above is most likely the result of The change on the graph above is most likety the result ofO a new technologydecrease in consumer incomerising cost of raw materialsOincrease in the price of a substitute

Correct : increase in the price of a substitute

Answered: The change on the graph above is most…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Production Function (CH7) Name: The production function shows the relationship (a mathematical equation) between the amount of inputs and the amount of output produced. Given the following table (for one month of production), calculate and fill all the missing values based on the information below. Average Marginal Total Total Marginal Product Units of Fixed Variable Total Average Fixed Average Variable the Product Costs Costs Costs Costs Variable (Y) of Labor (FC) (VC) (ТC) Costs Costs Costs (МC) Factor (MPL) (AFC) (AVC) (ATC) (L) 200 1 20 250 2 70 50/50= 3 150 350 4 250 250 400 6. 500 800 200/100= 7 580 900 8. 630 500/50= 9 650 2000 600/20= 10 660
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The change on the graph above is most likely the result of O a new technology decrease in consumer income O rising cost of raw materials O increase in the price of a substitute