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Author Question: In the short run, when production goes up what typically happens to total variable costs? What ... (Read 79 times)

joe

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on: Jun 29, 2018
In the short run, when production goes up what typically happens to total variable costs?
 
  What will be an ideal response?

Question 2

What is the relationship between the marginal revenue curve and the demand curve for a single-price monopolist?
 
  What will be an ideal response?


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alexanderhamilton

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Reply #1 on: Jun 29, 2018
Answer to Question 1

In order for the firm to produce more output it will hire more variable inputs like labor and raw materials. This will drive up its total variable costs

Answer to Question 2

For a single-price monopolist, price exceeds marginal revenue. The price is obtained from the demand curve, so for a single-price monopolist, the marginal revenue curve lies below the demand curve.


joe

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

nyrave

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Reply 3 on: Yesterday
Excellent

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