Describe the shape of the AFC curve when fixed costs are nonzero and explain why it...
Describe the shape of the AFC curve when fixed costs are nonzero and explain why it takes this shape. You may also want to draw the AFC. Can AFC ever intersect the x-axis in such cases?
Homework Answers
1.AFC=FC/Q
since FC is constant and Q continues to rise the value of AFC continues to fall and takes the shape of rectangular hyperbola(the area under AFC is constant).
AFC cannot be zero because Fixed cost is positive even when output is zero.Thus,AFC can never touch the X axis.
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