Short-run marginal cost curve
Not what you're looking for?
Given the following table:
Complete the following table (round each answer to the nearest whole number):
Total Variable Fixed Marginal Average Avg. Var. Avg. Fixed
Output Cost Cost Cost Cost Cost Cost Cost
0
1 5
2 30
3 13
4 105 10
5 110
6 50
Complete the table then draw the following curves (on a single graph):
? Short-run average cost curve;
? Short-run marginal cost curve.
Use the information from the graphs to answer to the following questions:
1) At what level of output does average cost reach its minimum?
2) Over what range of output does diminishing returns occur?
3.Consider the following statements when answering this question
I. The marginal cost curve intersects the average total cost and average variable cost curves at their minimum values.
II. When a firm has positive fixed costs, the output level associated with minimum average variable costs is less than the output associated with minimum average total costs.
Choose the best alternative
a.I is true, and II is false.
b.I is false, and II is true.
c.I and II are both true.
d.I and II are both false.
**Please post the graph in a separate file.
Purchase this Solution
Solution Summary
Short-run marginal cost curve is analyzed.
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.