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The marginal cost is the addition made to the total cost when an additional unit of the commodity is produced. The average cost is calculated by dividing the total cost with quantity produced. If the average costs are declining the marginal cost will be below the average cost , similarly if the average costs are rising the marginal cost will be above the average cost and will be rising. The marginal costs intersects the minimum of the average total cost.
Ans: False: The marginal cost is the cost of last unit produced , if the marginal cost is decreasing means producing an extra unit of output adds less to the total cost and so the average cost will be decreasing.
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15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
Which of the following statement is (are) TRUE? I. If marginal cost is rising, the average...
Which of the following statement is (are) TRUE? I. If marginal cost is rising, the average total cost must be rising. II. The marginal cost curve intersects both the average total and average variable cost curves at their minimum points. III. If marginal cost is less than average variable cost, the average variable cost curve is negatively sloped. a) I, II and III b) I and III c) II d) II and III
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
When a firm can increase its output with a less than proportional increase in total costs,...
When a firm can increase its output with a less than proportional increase in total costs, which of the following is true? 1) the firm has economies of scale 2) the firm’s average cost is decreasing with output 3) the firm’s marginal cost is less than its average cost 4) all of the above. 5) none of the above.
(c)Average variable cost is falling as output rises if output is less than.. . . and...
(c)Average variable cost is falling as output rises if output is less than.. . . and rising as output rises if output is greater than............ (d) Marginal cost equals average variable cost when output is......... () The firm will supply zero output if the price is less than....... (f) The smlest positive amount that the firm will ever supply at any price is At . . . what price would the firm supply exactly 6 units of output? .. ....
If average variable cost is falling with increasing output, then a.marginal cost must be less than...
If average variable cost is falling with increasing output, then a.marginal cost must be less than average variable cost. b.marginal cost must be greater than average variable cost. c.average fixed cost is rising. d.marginal cost must be rising. e,marginal cost must be falling.
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When a competitive firm will produce and earn economic profits. marginal revenue = average total cost...
When a competitive firm will produce and earn economic profits. marginal revenue = average total cost = marginal costs marginal revenue is above average costs marginal costs are decreasing marginal revenue is rising
If the short-run average variable costs of production for a firm are rising, then this indicates...
If the short-run average variable costs of production for a firm are rising, then this indicates that: A. Average total costs are at a maximum B. Average fixed costs are constant C. Marginal costs are above average variable costs D. Average variable costs are below average fixed costs
Ch. 4: Extent (how much) decisions a. define and calculate average costs? b. define marginal cost...
Ch. 4: Extent (how much) decisions a. define and calculate average costs? b. define marginal cost and marginal revenue? c. What is a marginal curve’s relationship to its total curve? d. Regarding marginal analysis: e. why is average costs are not appropriate in making extent decisions? f. Explain what is defined by MR=MC? g. Explain if MR>MC, and why? h. Explain if MR<MC, and why? Testbook use for this assignment is ; Managerial Economics Froeb Chapters
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
(c)Average variable cost is falling as output rises if output is less than.. . . and rising as output rises if output is greater than............ (d) Marginal cost equals average variable cost when output is......... () The firm will supply zero output if the price is less than....... (f) The smlest positive amount that the firm will ever supply at any price is At . . . what price would the firm supply exactly 6 units of output? .. ....
When a competitive firm will produce and earn economic profits. marginal revenue = average total cost = marginal costs marginal revenue is above average costs marginal costs are decreasing marginal revenue is rising
If the short-run average variable costs of production for a firm are rising, then this indicates that: A. Average total costs are at a maximum B. Average fixed costs are constant C. Marginal costs are above average variable costs D. Average variable costs are below average fixed costs
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