Vhich of the following is/are correct (assume quantity can be non-integer)? When average cost is smaller than marginal cost, average cost is a decreasing function of quantity. When marginal revenue is smaller than marginal cost, profit is a decreasing function of quantity. ) When the price elasticity of demand is smaller than 1, revenue is a decreasing function of uantity. Ol and IlI p land Il DI, and II Dl and

Vhich of the following is/are correct (assume quantity can be non-integer)? When average cost is smaller than marginal cost, average cost is a decreasing function of quantity. When marginal revenue is smaller than marginal cost, profit is a decreasing function of quantity. ) When the price elasticity of demand is smaller than 1, revenue is a decreasing function of uantity. Ol and IlI p land Il DI, and II Dl and

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Please answer in typed format not
handwritten and show work/steps but try to
keep it as short as possible. Additionally
please answer all parts or will be forced to
downvote and resubmit the question
Which of the following is/are correct (assume quantity can be ron-integer)?
) When average cost is smaller than marginal cost, average cost is a decreasing function of quantity.
I) When marginal revenue is smaller than marginal cost, profit is a decreasing function of quantity.
p When the price elasticity of demand is smaller than 1, revenue is a decreasing function of
quantity.
O l and I
o land II
OI, and II
O l and

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