MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 12.1, Problem 6Q
To determine
Explain the long-run average total cost curve.
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Why does total cost increase faster as output increases?
What is sunk cost? Provide an example of a sunk cost.Why are such costs irrelevant in making decision about future actions?
What is sunk cost? Provide an example of a sunk cost. Why are such costs irrelevant in making decision about future actions?
Chapter 12 Solutions
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
Ch. 12.1 - Prob. 1QCh. 12.1 - Prob. 2QCh. 12.1 - Prob. 3QCh. 12.1 - Prob. 4QCh. 12.1 - Prob. 5QCh. 12.1 - Prob. 6QCh. 12.1 - Prob. 7QCh. 12.1 - Prob. 8QCh. 12.1 - Prob. 9QCh. 12.1 - Prob. 10Q
Ch. 12.A - Prob. 1QECh. 12.A - Prob. 2QECh. 12.A - Prob. 3QECh. 12.A - Prob. 4QECh. 12.A - Prob. 5QECh. 12.A - Prob. 6QECh. 12.A - Prob. 7QECh. 12 - Prob. 1QECh. 12 - Prob. 2QECh. 12 - Prob. 3QECh. 12 - Prob. 4QECh. 12 - Prob. 5QECh. 12 - Prob. 6QECh. 12 - Prob. 7QECh. 12 - Prob. 8QECh. 12 - Prob. 9QECh. 12 - Prob. 10QECh. 12 - Prob. 11QECh. 12 - Prob. 12QECh. 12 - Prob. 13QECh. 12 - Prob. 14QECh. 12 - Prob. 15QECh. 12 - Prob. 16QECh. 12 - Prob. 17QECh. 12 - Prob. 1QAPCh. 12 - Prob. 2QAPCh. 12 - Prob. 3QAPCh. 12 - Prob. 4QAPCh. 12 - Prob. 5QAPCh. 12 - Prob. 1IPCh. 12 - Prob. 2IPCh. 12 - Prob. 3IPCh. 12 - Prob. 4IPCh. 12 - Prob. 5IPCh. 12 - Prob. 6IP
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- What is sunk cost? Provide an example of sunk cost other than one from the book and explain it. Why are such cost irrelevant in making decisions about future actions?arrow_forwardWhen economist Jacob Viner first developed the envelope relationship, he told his draftsman to make sure that all the marginal cost curves went through both (1) the minimum point of the short-run average cost curve and (2) the point where the short-run average total cost curve was tangent to the long-run average total cost curve. The draftsman told him it couldn’t be done. Viner told him to do it anyhow. Why was the draftsman right?arrow_forwardWhat effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?arrow_forward
- Explain why the fixed cost has no influence at all on marginal cost.arrow_forwardhow is the slope of the total cost and marginal cost related?arrow_forwardIf you assume that a firm has a U-shaped average cost curve, why would large and small firms have higher costs than middle-sized firms?arrow_forward
- The cost curve for producing widgets passes through the following points and is piecewise linear in between. Solve, d. What is the incremental cost of producing the 100th widget? e. What is the incremental cost of producing the 500th widget?arrow_forwardBoth in the short - run and the long - run , average cost curves are U - shaped for different reasons . Explainarrow_forwardis it true that the marginal cost curve intersects the average variable cost curve at the break-even point?arrow_forward
- If the marginal cost of production is greater than the average variable cost, what does this tell you about the nature of the average variable costarrow_forwardHow would you derive marginal cost from total cost?arrow_forwardGive a numerical example to show that as marginal physical product (MPP) rises, marginal cost (MC) falls.arrow_forward
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