The long run average total cost curve is tangent to an infinite number of short run _______ cost curves a)average total b)average variable c)marginal d)total

Q: Find total fixed cost if average fixed cost is $30 and output is 11

A: The information being given is:- Average fixed cost = $30  Output = 11 units  We have to calculate…

Q: Why does the difference between AVC and ATC get smaller as Q increases? b)  Why does MC intersect…

A: Since you have asked multiple questions we will answer the first three for you. The average cost…

Q: The long run average cost curve is U shaped because up to a certain point you have excess K/L and…

A: Total cost refers to the total amount of expenditure incurred by the firm ti produce the given…

Q: When marginal cost curve is below an average cost curve, marginal cost O may be increasing or…

A: There is a significant relationship between the marginal cost curve and average cost curve as the…

Q: If average fixed cost is $30  Calculate total fixed cost if output is 30 units

A: According to the above question, the values given are:- Average fixed cost = $30 Output = 30 units…

Q: When the marginal product of labor diminishes average fixed cost rises average variable cost is…

A: Marginal product of labor is the additional output produced by employing an additional unit of…

Q: i)derive the Total Cost Function, TC(q) ii) draw the Isoquant for the given level of output iii)…

A: Production function : q = 4L + 5K Input prices : w =2   , r = 4 Output level,, r = 4

Q: What is the relationship between average variable cost and total variable cost? a) They are always…

A: To understand the connection between average variable cost (AVC) and total variable cost (TVC), it's…

Q: Which cost concept includes both explicit and implicit costs? a) Total cost b) Variable cost c)…

A: In financial matters, understanding various sorts of costs is significant for dissecting business…

Q: The shape of the Total Product curve on the production side gives us the shape of which curve on the…

A: The cost of producing a firm's output depends on the number of labor and physical capital which are…

Q: Diseconomies of scale exists over the range of output for which the long run average cost curve is?

A: Diseconomies of scale exists over the range of output for which the long run average cost curve is…

Q: What is total fixed cost when output is 2, fixed cost is 25, and average cost is 30

A: Fixed cost are such cost that do not vary with the level of output i.e it remains constant at every…

Q: cost curve creases, does not shift; shifts upward shifts upward; shifts upward shifts upward; does…

A: Cost refers to all the expenses that incur in the process of production of goods or services. There…

Q: I need help with this homework question For the problem in the picture: i)derive the Total Cost…

A: ISO-Quant: Iso -Quant shows different combinations of capital and labour such that each combination…

Q: In the short run, if average variable cost equals $50, average total cost equals $75, and output…

A: The total fixed cost refers to those costs that remain the same regardless of the level of…

Q: In the short run, which cost is fixed and cannot be changed? a) Average cost b) Marginal cost c)…

A: Understanding the various sorts of costs in financial aspects is significant for examining business…

Q: Explain the general shape of the long run cost curves in relation to economies and diseconomies of…

A: The shape of long run cost curve changes depending on the returns to scale.

Q: True or False The slope of the total cost curve is equal to marginal cost, or the change in…

A: Total cost It refers to all the cost or expense that is incur in a production process.It is given by…

Q: What number goes where the highlighted question marks are? In other words, what is the last number…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The upward sloping portion of a long-run average cost curve illustrates diseconomies of scale.…

A: Economies of scale refer to the production gets cheaper when more and more units are produced (up to…

Q: Which of the following cost curves is never U-shaped? a. the average fixed cost curve b. the…

A: The expenses that are being incurred for carrying out daily transactions of a business is being…

Q: t does the Long Run Average Cost curve depict?     a) It depicts the relationship between Average…

A: Average cost of production is the per unit cost of production. AC = TC/Q The minimum efficient scale…

Q: Calculate average cost when total cost Is 100 and total quantity is 8

A: # The formula for average cost is:- Average cost = Total cost / Quantity

Q: What is the relationship between average variable cost and marginal cost? a) They are always equal…

A: Prior to diving into the connection between average variable cost (AVC) and marginal cost (MC), it's…

Q: The marginal cost curve passes through the minimum point of the average variable cost curve but not…

A: ATC(Average total cost), MC(Marginal cost) and AVC(average variable cost) are U shaped curves. This…

Q: Diminishing returns A cost function of the form C(x) = 1/2 x2reflects diminishing returns to scale.…

A: According to the question, C(x) = ½ X^2 AV(x) = C(x)/x           = ½ x MC(x) = C’(x)             =x

Q: Lines that represent bundles of inputs that cost the same total amount are called: cost curves.…

A: Isocost lines represent a curve that contains various combinations of inputs that have the same…

Q: The downward-sloping segment of the long-run average cost curve corresponds to *…

A: In production activity, time period under consideration determines the nature of costs faced by the…

Q: Marginal cost can be calculated both from total cost and total variable cost and is not affected by…

A: According to the given question The marginal cost is basically or initially considered as the slope…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.