help . The level of output where a straight line drawn from theorigin is tangent to the total cost curve is wherea. total cost is at a minimum.b. average cost is equal to marginal cost.c. profit is at a maximum.d. all of the above are correct.

# Total cost curve shows the relationship between the quantity of production and the total cost…

Answered: The level of output where a straight…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

See similar textbooks

Similar questions

In the short run marginal cost crosses average total cost at the minimum of average total cost True or False?
3. Given that the marginal cost function of a company is 3. To produce 1 unit of goods, the company must spend a total cost of $ 6. From this function determine: D. Average Cost (AC) E. Average Variabel Cost (AVC) F. Average Fixed Cost (AFC) Please solve subparts D,E,F thank u
21) In the short run where total variable cost is ________ at a(n) ________ rate, marginal cost is positive and decreasing.A) increasing; decreasing B) increasing; increasingC) decreasing; decreasing D) decreasing; increasing
3. Given that the marginal cost function of a company is 3. To produce 1 unit of goods, the company must spend a total cost of $ 6. From this function determine: A. Total Cost (TC) B. Variabel Cost (VC) C. Fixed Cost (FC) Please solve subparts A,B,C thank u
22) The marginal cost curve intersects the ________ at its minimum.A) average variable cost curve B) average total cost curveC) average fixed cost curve D) A and B are both correct
Cost curves. a) Why does the difference between AVC and ATC get smaller as Q increases? b) Why does MC intersect AVC and ATC at their minimum points? c) Explain the difference between the short run and the long run. d) What is meant by “economies of scale”? (Hint: it has to do with long run average cost) e) Give an example of economies of scale and explain.
36. The marginal cost curve intersects the average fixed, average variable, and average total cost curves all at their minimum points. True False
Average total cost, average variable cost marginal cost and marginal product a. Why is the gap or difference between average total cost and average variable cost larger at initial level of production ction and then the gap is decreasing as output increases? Explain.
3. With the aid of a graph, explain why marginal costs will necessarily intersect average total cost whenever average total cost reaches a minimum for “well-behaved” cost curves. (Can you show this mathematically? HINT: Think of properties that must be satisfied at a minimum.) I will thumbs up solution if it is original answer and not from ChatGPT, if ChatGPT is used I will thumbs-down and report to Chegg. thank you! :)
explain short run and long run cost of production analysis with graphs
Please show make the work. I do not understand how the answer is C. However, someone said the answer is B. A company is producing 15,000 units. At this output level, marginal revenue is $22, and the marginal cost is $18. The firm sells each unit for $48 and average total cost is $40. What can we conclude from this information? a. The company is making a loss. b. The company needs to cut production. c. The company needs to increase production. d. Not enough information is provided. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
Question : Imagine a small juice shop that only fresh fruit juice.i) Discuss the concept of marginal cost and average total cost using the given situation.ii) Discuss the law of diminishing marginal returns using the given situation.Note: (Please answer all but no need to draw any tables and diagrams in your answers)

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Microeconomics A Contemporary Intro

Economics

ISBN:

9781285635101

Author:

MCEACHERN

Publisher:

Cengage

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Microeconomics A Contemporary Intro

Economics

ISBN:

9781285635101

Author:

MCEACHERN

Publisher:

Cengage

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

ECON MICRO

Economics

ISBN:

9781337000536

Author:

William A. McEachern

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

The level of output where a straight line drawn from the origin is tangent to the total cost curve is where a. total cost is at a minimum. b. average cost is equal to marginal cost. c. profit is at a maximum. d. all of the above are correct.