This topic contains a solution. Click here to go to the answer

Author Question: Three hundred firms supply the market for paint. For fifty of the firms, their short-run average ... (Read 70 times)

berenicecastro

  • Hero Member
  • *****
  • Posts: 581
Three hundred firms supply the market for paint. For fifty of the firms, their short-run average variable costs are minimized at 10 and short-run total costs are minimized at 15.
 
  For the remaining firms, the short-run average variable costs and short-run average total costs are minimized at 20 and 25, respectively. If each firm has a U-shaped marginal cost curve then the short-run market supply curve is A) U-shaped too
  B) kinked at 10
  C) kinked at 15
  D) kinked at 20
  E) kinked at 25

Question 2

The situation pictured in Figure 6.2
 
  A) is one of increasing marginal returns to labor.
  B) is one of increasing marginal returns to capital.
  C) is consistent with diminishing marginal product.
  D) contradicts the law of diminishing marginal product.
  E) shows decreasing returns to scale.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

flannelavenger

  • Sr. Member
  • ****
  • Posts: 322
Answer to Question 1

D

Answer to Question 2

C




berenicecastro

  • Member
  • Posts: 581
Reply 2 on: Jul 1, 2018
:D TYSM


shailee

  • Member
  • Posts: 392
Reply 3 on: Yesterday
Excellent

 

Did you know?

Despite claims by manufacturers, the supplement known as Ginkgo biloba was shown in a study of more than 3,000 participants to be ineffective in reducing development of dementia and Alzheimer’s disease in older people.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

For a complete list of videos, visit our video library