Which of the following is the best description of an 'isoprofit' curve? O The marginal impact on profit of increasing inputs by 1 unit. The input combinations which generate a given level of profit. The level of profit which makes the firm indifferent between producing or not producing. The input combinations which generate a positive level of profit. O The set of all inputs which generate the same level of output.

Which of the following is the best description of an 'isoprofit' curve? O The marginal impact on profit of increasing inputs by 1 unit. The input combinations which generate a given level of profit. The level of profit which makes the firm indifferent between producing or not producing. The input combinations which generate a positive level of profit. O The set of all inputs which generate the same level of output.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

1)As a firm increases production, average total cost _____. a will stay the same b will decrease c will increase d may either increase or decrease 2) As a firm increases production, total cost _____. a will stay the same b will decrease c will increase d may either increase or decrease
Only typed answer
The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run. Plant 1 Plant 2 Plant 3 Output ATC Output ATC Output ATC 10 $ 10 10 $ 15 10 $ 20 20 9 20 10 20 15 30 8 30 7 30 10 40 9 40 10 40 8 50 10 50 14 50 9 What is the long-run average cost of producing 10 units of output? Multiple Choice $10 $15 $20 $45
What is the term for the lowest level of output at which a firm's goods are produced at minimum long-run average total cost? the point of diminishing returns the minimum total product the minimum efficient scale the point of zero marginal cost
Which of the following best explains why a firm would not stop producing if the loss is less than its fixed costs? O Fixed costs are paid regardless of whether something or nothing is produced, and the firm receives enough revenue per unit to cover ATC and some MC. O Fixed costs are paid regardless of whether something or nothing is produced, and the firm receives enough revenue per unit to cover ATC and some FC. O Fixed costs are paid regardless of whether something or nothing is produced, and the firm receives enough revenue per unit to cover AVC and some FC. O Fixed costs are paid regardless of whether something or nothing is produced, and the firm receives enough revenue per unit to cover AVC and some MC.
ONLY answer question b. relative to question a.
2
How would I describe these?
At price UA, economic profits are: PRICE A B D E 0 O COFM ABJG Ο ΑΒΚΗ ACMG OABLI Marginal Cost M F H K Average Total Cost Average Variable Cost OUTPUT PER YEAR