Graph AFC, AVC, ATC, and MC. Explain the derivation and shape of each of these four curves and their relationships to one another. Specifically, explain in nontechnical terms why the MC curve intersects both the AVC and the ATC curves at their minimum points.

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Q: True or false? a. The AFC curve can never rise. b. Diminishing marginal product is a long-run…

A: The AFC stand for Average Fixed Cost curve which refer to that price of a commodity in the economy…

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Q: If a firm has TFC = $500, and TC = $800 when output is 20 units, how much is the AVC per unit of…

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Q: When ONLY total costs (TC) are known, such as shown in Table 1 below, explain how to calculate each…

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Q: Define constant, decreasing and increasing returns to scale.

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Q: Given that TC=2000+100Q-10Q2+Q3 where Q is level of output and maximum level of MP is 15 units,…

A: TC=2000+100Q-10Q2+Q3 The maximum level of MP = 15 units

Q: Graphically show the relationship between the Avg. Variable Cost, Avg. Total Cost, and Marginal Cost…

A: Below is the formula: AVC = TVCQATC = TCQMC = TCn - TCn-1

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A:

Q: If the ATC curve is continually declining, what does this imply about MC curve? Explain your answer

A: Average Total Cost: The average total cost is the cost per unit of output. It can be determined by…

Q: if the ATC curve is rising, does that mean the MC curve must lie above it? Explain.

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Q: Please complete the table  Find VC, AVC, ATC, and AFC

A: Answer to the question is as follows:

Q: Do AC and AVC intersects each other?

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Q: A. Graph AFC, AVC, ATC and MC B. Explain the derivation and shape of each of these four curves and…

A: Answer A. The graph below shows all the four curves :

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Q: What is theoretical relationship between Marginal Cost and Average cost

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A: With the increase in wages , the cost curve will rise to show the higher cost .