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 73 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
Excellent


tranoy

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

For a complete list of videos, visit our video library