Exploring Microeconomics
8th Edition
ISBN: 9781544339443
Author: Sexton, Robert L.
Publisher: Sage Publications, Inc., Corwin, Cq Press,
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Question
Chapter 11, Problem 16P
To determine
The relationship between MP curve and MC curve.
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Explain why the marginal cost of production must increased if the marginal product of the marginal resource is decreasing.
At what level of production does the marginal cost have the least value? What is the marginal cost at this level of production?
What explains the shape of the average and marginal cost curves? Is it linked to any production relationships?
Chapter 11 Solutions
Exploring Microeconomics
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- You are told that the marginal cost of production is increasing. Is it possible to determine whether the average variable cost is increasing or decreasing? Use a diagram to explain your answer.arrow_forwardA commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: a. What is the marginal product of each hour spentfishing? b. Use these data to graph the fisherman’sproduction function. Explain its shape.c. The fisherman has a fixed cost of $10 (his pole).The opportunity cost of his time is $5 per hour.Graph the fisherman’s total-cost curve. Explainits shape.arrow_forwardExplain why marginal costs increase above some level of production in the short run.arrow_forward
- If the marginal cost is increasing does this tell you whether the average variable cost isincreasing or decreasing? Explain.arrow_forwardPlease define total cost, average total cost, and marginal cost. Explaine how these terms are related?arrow_forwardHow do we calculate each of the following: marginal cost, average total cost, and average variable cost?arrow_forward
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