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We indicated in this chapter that the MC curve cuts the AVC (average variable cost) curve at the minimum point of the latter. Explain why this must be so. ( Hint : Because marginal costs are, by definition, entirely composed of variable costs, the MC curve can be considered the curve of marginal variable costs . Apply the general relationships between marginal and averages explained in the appendix to Chapter 8.)

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 10, Problem 4DQ
Textbook Problem
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We indicated in this chapter that the MC curve cuts the AVC (average variable cost) curve at the minimum point of the latter. Explain why this must be so. (Hint: Because marginal costs are, by definition, entirely composed of variable costs, the MC curve can be considered the curve of marginal variable costs. Apply the general relationships between marginal and averages explained in the appendix to Chapter 8.)

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