Microeconomics

Jones Production started business with a small scale plant. Fortunately for Smith, the owner of ...

Started by ETearle

What is the long-run average cost curve? What are the three ranges of output and in what order do ...

Started by tfester

Which curve shows the lowest average total cost at which it is possible to produce each output when ...

Started by krzymel

In the long run all costs are variable costs. Why?

Started by Kikoku

Draw an average total cost curve, an average variable cost, and a marginal cost curve all on the ...

Started by sc00by25

Rufus runs a skunk-skinning service in West Virginia. He employs skinners at a wage rate of $240 a ...

Started by Haya94

Acme produces rocket shoes for use by slow coyotes. Acme's total cost schedule is given in the table ...

Started by lilldybug07

This month, the local widget factory produced 100 widgets. The total variable cost of production was ...

Started by krzymel

What is the relationship between the marginal product of labor and the marginal cost?

Started by kshipps

How do we calculate average fixed cost and why does average fixed cost fall as output increases?

Started by jrubin

Downsizing is the practice of laying off workers in an attempt to decrease average total cost. Can ...

Started by Haya94

When plotted against the total output, what does the total fixed cost curve look like?

Started by vHAUNG6011

"In the short run, even when output is zero, the firm still has some variable costs it must pay." Is ...

Started by Caiter2013

Ajax Manufacturing has a fixed scale of plant with the levels of total product given in the table ...

Started by bcretired

What is the difference between decreasing marginal returns and negative marginal returns?

Started by awywial

What is the difference between a normal profit and an economic profit?

Started by brutforce

If the average product of labor curve is rising, i.the average variable cost curve is falling.ii.the ...

Started by V@ndy87

The marginal cost curve intersects the ________ curves at their ________ points.

Started by ENagel

Which of the following curves are U-shaped? i.average variable cost curveii.average fixed cost ...

Started by leo leo

Once production has reached the maximum average product of labor, if production increases then

Started by viki

The law of decreasing returns applies to

Started by Shelles

Which of the following contributes to increasing marginal returns?

Started by aabwk4

Which of the following variables do you need to know to calculate marginal cost? i.change in total ...

Started by schs14

The figure above shows a firm's average total cost and marginal cost curves. Based on the figure ...

Started by danielfitts88

The figure above shows some of a firm's cost curves. Based on the figure above, curve A is the firm's

Started by sam.t96