What is average fixed cost? O the price of a fixed factor of production the total cost divided by the number of units produced over a given period the fixed cost divided by the number of units of a fixed input employed over a given period the total fixed cost divided by the number of units produced over a given period

What is average fixed cost? O the price of a fixed factor of production the total cost divided by the number of units produced over a given period the fixed cost divided by the number of units of a fixed input employed over a given period the total fixed cost divided by the number of units produced over a given period

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.4: Costs In The Short Run And In The Long Run

Problem 4QQ

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Similar questions

What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
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Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
What is the difference between a fixed input and a variable input?