Question

The long run average total cost curve is tangent to an infinite number of short run _______ cost curves

a)average total

b)average variable

c)marginal

d)total

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Economics

Related Economics Q&A

Find answers to questions asked by students like you.

Q: I have attached dat from problem 1 to help answer number 2

A: At the air quality level 5, the person can buy 4 bars of soap at price $1. The marginal utility per ...

Q: Consider the following events: Scientists reveal that consumption of oranges decreases the risk of d...

A: A study showing that eating oranges reduces the risk of diabetes will increase the demand of oranges...

Q: suppose that the election of a popular candidate suddenly increases people’s confi- dence in the fut...

A: The aggregate demand curve is defined as the sum total of all expenditure in the economy. The increa...

Q: Nominal versus real GDP. a. Explain the difference between nominal and real GDP. b. Explain in detai...

A: a)Nominal GDP includes both the growth and prices. Real GDP shows only the growth in the economy. Re...

Q: Suppose that the adult population is 6 million, the number of employed is 3.8 million, and the labor...

A: Unemployment rate refers to the fraction or percentage of unemployed workforce from the total labor ...

Q: The Bank of England will prevent members of its interest rate-setting committee from publishing indi...

A: The opinions of the decision-maker have great impact on investors and general consumers. Any opinion...

Q: Describe when a study does or does not have external validity

A: The indication of stability and reliability of the conclusions drawn from a research is called valid...

Q: Firms A and B are contemplating whether or not to invest in R&D. Each has two options: “Invest” ...

A: Given information,The probability of investment that will invent product X is 0.5.Investment cost  =...

Q: How might the social value of low versus high power distance influence how youwould lead and motivat...

A: The power is distributed to employees in the case of power distance and the performance orientation ...

Q: Restaurants in tourists' areas will close during the off-season if their:     AFC is greater ...

A: Answer - Given in the question that Resturants in tourist area will close during off season if. Now ...

Q: In five years, a salary of $56,000 per year with a 55% growth due to cost-of-living adjustment in th...

A: The salary of the individual is given to be $56,000 per year and the growth is said to be of 55 perc...

Q: Suppose the price elasticity of demand for farm products is elastic. If federal government wants to ...

A: The price elasticity can be measured as the percentage change in quantity demanded due to percentage...

Q: Question 33 Consider a firm with production function f(L,K)=3L+8K. Assume that capital is fixed at K...

A: Given,Production function f(L,K)=3L+8KWhere, K is the units of capital and L is the units of laborCa...

Q: Consider the graphical representation of the Keynesian cross for a hypothetical country, where the p...

A: Click to see the answer

Q: Are people worse off when the price level rises as fast as their income?  Why do people often feel w...

A: Answer - In the pareto optimal condition "We have to make someone better off with out making others ...

Q: Question 2 Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients, th...

A: Economic Profit considers both implicit and explicit costs while calculating profit. On the other ha...

Q: ‘Lottery A’ refers to a lottery ticket that pays $2,000 with a probability of 0.3, $8,000 with a pro...

A: Expected gains = ∑ (probability * gains)‘Lottery A’ refers to a lottery ticket that pays $2,000 with...

Q: Shifts in production possibilities Suppose South Africa produces two types of goods: agricultura...

A: Production-possibility frontier (PPF):Production–possibility frontier or the PPF curve shows the com...

Q: If the total cost of producing 11 units of output in this figure is $16, the firm's economic profit ...

A:  Given : TC = $16, Q= 11 units, P=$8Therefore, TR= P*Q = 8*11 = $88Profit = TR-TC=88-16=$72

Q: suppose that at a price index of 154 the quantity demand of u.s. real GDP is 10.0 trillion worth of ...

A: Aggregate demand is expressed as the combinations of total demand for finished goods and services th...

Q: Suppose that the aggregate demand and aggregate supply schedules for a hypothetical economy are as s...

A: Real GDP demanded can be plotted against price level as shown below with price level on y-axis and R...

Q: Now, consider an economy in which the demand for money is of the formY / (1 + it)  for t = 0, 1, 2, ...

A: Given: M= Y/(1+it)Y= 150, it= nominal interest rate in period t, real interest rate = 4%

Q: Do less developed countries where large batteries for vehicles are produced show any indications of ...

A: The less developed countries do not have proper arrangement for the disposable of electric waste and...

Q: Consider the following graph of a production function when capital is constant. (The following is a ...

A: Marginal Product of Labor (MPL) represents the change in total output resulting from employing an ad...

Q: Indicate how each of the following events would affect the aggregate demand AD curve:     a short-...

A: Investment and consumption are positively related to output as seen in equation 1. So, if keeping ot...

Q: ABC Bank acquires XYZ Bank through a merger but subsequently fails due to some unforeseen incompatib...

A: Hey, Thank you for the question. According to our policy we can only answer 3 subparts per question....

Q: ‘Lottery A’ refers to a lottery ticket that pays $2,000 with a probability of 0.3, $8,000 with a pro...

A: To find the expected value of lottery A.

Q: Using the aggregate demand and aggregate supply model, explain the effects of the following on price...

A: Aggregate demand curve reflects the equilibrium in the IS-LM model at the different price levels of ...

Q: What are the major characteristics of a firm competing under conditions of oligopoly?

A: Characteristics of a firm under oligopoly.

Q: How did the decline in U.S. home prices in 2006–2008 affect aggregate demand?

A: In year 2006-2008, there a large decline in the U.S. home prices which has a negative impact on the ...

Q: If more teenagers stay in school longer, what happens to (a) production possibilities?     (b)    un...

A: The production possibilities and labor force of an economy are positively related. Unemployment is t...

Q: Most hospitals and nursing homes, and some insurance companies, do not aim to maximize profit but ai...

A: To determine the aim of insurance companies and hospitals.

Q: hey i was doing my homework and i couldnt figure out this one. please help

A: The average total cost is equated at an equal average fixed cost in addition to the average variable...

Q: Savings, Investment, and the Financial System - End of Chapter Problems 1. Given the following infor...

A: Given – GDP = $1400M , T = $310M , C = $840M , G= $280M (M=million)For closed economy:GDP = C + I + ...

Q: Consider the market for minivans. For each of the events listed here, identify which of the determin...

A: Hey, Thank you for the question. According to our policy we can only answer 3 subparts per question....

Q: If the price of one of the products is associated with indifference curves increase, all else the sa...

A: Answer - If the price of one of the products is associated with the indifference curves increase, al...

Q: Help Sav 0 Homework Saved The investment demand curve for a country is shown on the graph below. Sup...

A: The investment demand curve reflects a negative relationship between investment demand and interest ...

Q: Suppose you are given the following data for a small economy: Number of unemployed workers: 1,000,0...

A: Answer -No. of unemployed workers = 1,000,000Labor Force = 10,000,000Part (a)-Answer - Unemployment ...

Q: 4.5 same thing as 4.4  how do i show this with little information they gave me

A: An increase in government spending will tend to reduce Public Saving which will in turn reduce the N...

Q: Questions 1-3 use the following case to determine a way to take a single product, like toilet and bu...

A: Equilibrium quantity:Equate marginal revenue and marginal cost to ge the value of equilibrium quanti...

Q: When supply and demand are equally elastic:     producers carry the majority of the tax burden...

A: When supply and demand elasticities are same, the tax burden borne by both buyers and sellers are eq...

Q: Using the aggregate demand and aggregate supply model, explain the effects of the following on price...

A: The AD-AS framework explains the relationship between price level and output produced in the economy...

Q: I feel like supply and demand should be easy to understand but i'm confused. My teacher says that th...

A: To show the relationship between supply and demand.

Q: In the first year, inflation is 2.75% and the nominal interest rate for both fixed and variable rate...

A: Real interest rate can be calculated using the two formulae shown below. The approximation formula o...

Q: Do treasury securities finance a federal budget deficit? If so would the government purchase treasur...

A: Yes, federal securities finance a federal budget deficit.

Q: In a particular market, the supply is elastic and demand is inelastic. If a tax is imposed on the se...

A: In the graph the initial equilibrium is at E where D intersects with S and the equilibrium price is ...

Q: Using the following table with the resources and their cost per unit, which production choice would ...

A: The primary objective of any business entity is to maximize profits. Thus, to earn high profit a bus...

Q: ter 12 Homework Saved Help Save & Exit Suppose that consumer spending initially rises by $5 billion ...

A: Given-consumer spending initially rises by $5 billion for every 1 percent rise in household wealth a...

Q: What is a CD and how do they work?

A: Certificates of deposit (CD) are secured form of long period of time deposits. The money is kept in ...

Q: Now, consider an economy in which the demand for money is of the formY(1 + it)for t = 0, 1, 2, · · ·...

A: Given: M= Y/(1+it)Y= 150, it= nominal interest rate in period t, real interest rate = 4%