When the ATC curve is falling, MC is ATC. less than greater than equal to

Q: Total fixed cost is $300 and total variable cost is $700 Calculate total cost

A: The given information is as follows:- Total fixed cost = $300 Total variable cost = $700 We have to…

Q: Both capital and labor are variable inputs. Suppose the wage rate of labor is 16 (per hour) and the…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

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: Calculate the total cost if average total cost is $35 and the unit of output is 22 units

A: The Given information is as follows:- Average total cost of the firm = $35 Units of output = 22…

Q: Consider the production function f (L,K) = 10(L + 3K) a. Draw the isoquant qo 600, being careful to…

A:

Q: 2. Draw isoquant maps for the following technologies. i) f(L,K) = LK ii) g(L, K) = L+2K iii) h(L, K)…

A: An isoquant curve represents all the combinations of inputs (capital, labor) that produce an equal…

Q: Define economies of scale

A: Economy of scale is a microeconomic term used as an important element of productivity growth.…

Q: a production function exhibits constant returns to scale, average cost will increase as output…

A: Production function, in financial matters, condition that communicates the connection between the…