Question
In: Economics
1) Explain the relationship between total, marginal, and average product. 2) Distinguish between fixed, variable and...
1) Explain the relationship between total, marginal, and average product.
2) Distinguish between fixed, variable and total costs.
3) Explain the difference between average and marginal costs.
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
1. explain the relationship between total product, marginal product, and average product. 2. what is the...
1. explain the relationship between total product,
marginal product, and average product.
2. what is the law of diminishing returns and does it
explain the shape of the short run average cost curve.
5) Distinguish between fixed, variable and total costs. 6) Explain the difference between average and marginal...
5) Distinguish between fixed, variable and total costs.
6) Explain the difference between average and marginal
costs.
Explain the relationship between total, marginal, and average product.
Explain the relationship between total, marginal, and average
product.
b. Explain the relationship between total product, marginal product, and average product. [3 marks] c. What...
b. Explain the relationship between total product, marginal
product, and average product. [3 marks]
c. What is the law of diminishing returns and what does it
explain the shape of the short run average cost curve. [3
marks]
d. Why is the level of output at which marginal revenue equals
marginal cost the profit maximizing output?
Explain the difference between total product, marginal product and average product.
Explain the difference between total product, marginal product and
average product.
Explain the relationship between the marginal product of variable inputs (like labor) and the marginal costs...
Explain the relationship between the marginal product of
variable inputs (like labor) and the marginal costs of production.
Do they affect each other, or does one cause the other? Are there
possible situations where the marginal costs of production do not
rise? If so, what does that mean for the marginal product of the
inputs or the price of these inputs?
(approximately 1 - 3 paragraphs).
Explain the relationship between the marginal product of variable inputs (like labor) and the marginal costs...
Explain the relationship between the marginal product of
variable inputs (like labor) and the marginal costs of production.
Do they affect each other, or does one cause the other? Are there
possible situations where the marginal costs of production do not
rise? If so, what does that mean for the marginal product of the
inputs or the price of these inputs?
Explain the relationship between the marginal product of variable inputs (like labor) and the marginal costs...
Explain the relationship between the marginal product of
variable inputs (like labor) and the marginal costs of production.
Do they affect each other, or does one cause the other? Are there
possible situations where the marginal costs of production do not
rise? If so, what does that mean for the marginal product of the
inputs or the price of these inputs?
2-3 paragraphs please
3.2 Explain the relationship between average product and marginal product. (10 marks)
3.2 Explain the relationship between average product and
marginal product.
1) What is the fixed cost, marginal cost, average total cost, average variable cost and average...
1) What is the fixed cost, marginal cost, average total cost,
average variable cost and average fixed cost of the following cost
function? .
2) What is the level of output that minimizes AVC? (in other
words, what is the level of output that corresponds to the minimum
of AVC?)
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