Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 7, Problem 12SQ
To determine
The total fixed cost in the long run.
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In the short run, which cost is fixed and cannot be changed? a) Average cost b) Marginal cost c) Total cost d) Variable cost
DEFINE AND EXPLAIN PRODUCTION IN SHORT RUN
In the short run marginal cost crosses average total cost at the minimum of average total cost
True or False?
Chapter 7 Solutions
Economics For Today
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQCh. 7 - Prob. 21SQCh. 7 - Prob. 22SQCh. 7 - Prob. 23SQCh. 7 - Prob. 24SQCh. 7 - Prob. 25SQ
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Similar questions
- 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.arrow_forwardIn the short run, which of the following costs will not change as output changes? marginal cost. total variable cost. average variable cost. average fixed cost total fixed costarrow_forwardwhat is meant by the term Cost of production? Distinguish between fixed and variable cost. Why short run average cost and marginal cost curve generally U-Shaped?arrow_forward
- costs in the short-run versus in the long runarrow_forwardthe long run average total cost curve's minimum intersects what on the short run cost curve?arrow_forwardat does the Long Run Average Cost curve depict? a) It depicts the relationship between Average (Total) Cost and quantity produced when at least one input is fixed b) It depicts the relationship between Average (Total) Cost and the scale of operation in the long run c) Both a) and b) are true d) Neither a) nor b) is truearrow_forward
- Discuss the impact of long run on cost of doing business.arrow_forwardWhich of the following must be falling when the short run marginal cost is less than it, and rising when the short run marginal cost is greater than it? Choose all answers that are correct. a.Short run average total cost b.Variable cost c.Fixed cost d.Average variable costarrow_forwardDiscuss the relationship between the three short-run total cost curves. Use a diagram to motivate your answerarrow_forward
- What is the law of diminishing returns? Explain why it applies only in the short run.arrow_forwardShort answer Explain the fixed cost and the variable cost with examplesarrow_forwardWhen examining the costs faced by a business, explain how economists distinguish between the short run and the long run. Why is it that Diminishing Marginal Product applies in the short run but not the long run?arrow_forward
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