When plotting marginal and average cost curves, the cost curve always crosses the cost curve at its Select one: a. average fixed; marginal; minimum b. marginal; average variable; maximum c marginal; average total; minimum d. average variable; marginal; maximum

Q: average total cost is increasing as output increase, then marginal cost must be average total cost.…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: A company is planning to manufacture mountain bikes. Fixed monthly cost will be $100,000 and it will…

A:

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: None

A: Marginal Factor Cost, in simple terms, is the change in total cost due to an additional unit of…

Q: The average fixed cost curve will never intersect with either the horizontal or vertical axis.…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

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.