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What Do You Understand By Cost Of Production Flashcards
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Side A ------ Side B the marginal cost curve first declines and then increases because of: ------ increasing then diminishing marginal returns the vertical distnace between atc and avc meaures ------ average fixed cost atc: ------ afc+avc when the marginal cost curve lies ------ above the atc curve ATC rises the unlabled red curve in this figure illustrate ------ short run average total cost curves of plant sizes available to a particular firm the unlabled red curves in this figure derive thier shapes from ------ increasing, then decreasing short run returns the long run ATC curve in this figure derives it shape from ------ economies, then diseconomies of scale the long run atc curve is oftern called the firms ------ planning curve which of the following is an assumption underlying these figures? ------ workers are of equal quality marginal product is ------ the change in total product divided by the change in the quantity of labor marginal product in graph B. is zero when ------ the slope of the total product curve in graph a is zero average product in graph b. ------ rises when it is less than marginal product
Side A ------ Side B the marginal cost curve first declines and then increases because of: ------ increasing then diminishing marginal returns the vertical distnace between atc and avc meaures ------ average fixed cost atc: ------ afc+avc when the marginal cost curve lies ------ above the atc curve ATC rises the unlabled red curve in this figure illustrate ------ short run average total cost curves of plant sizes available to a particular firm the unlabled red curves in this figure derive thier shapes from ------ increasing, then decreasing short run returns the long run ATC curve in this figure derives it shape from ------ economies, then diseconomies of scale the long run atc curve is oftern called the firms ------ planning curve which of the following is an assumption underlying these figures? ------ workers are of equal quality marginal product is ------ the change in total product divided by the change in the quantity of labor marginal product in graph B. is zero when ------ the slope of the total product curve in graph a is zero average product in graph b. ------ rises when it is less than marginal product
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