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Cards In This Set
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The marginal cost curve first declines and then increases because of:
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Increasing then diminishing marginal returns
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The vertical distnace between atc and avc meaures
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Average fixed cost
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Atc:
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Afc+avc
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When the marginal cost curve lies
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Above the atc curve ATC rises
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The unlabled red curve in this figure illustrate
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Short run average total cost curves of plant sizes available to a particular firm
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The unlabled red curves in this figure derive thier shapes from
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Increasing, then decreasing short run returns
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The long run ATC curve in this figure derives it shape from
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Economies, then diseconomies of scale
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The long run atc curve is oftern called the firms
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Planning curve
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Which of the following is an assumption underlying these figures?
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Workers are of equal quality
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Marginal product is
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The change in total product divided by the change in the quantity of labor
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Marginal product in graph B. is zero when
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The slope of the total product curve in graph a is zero
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Average product in graph b.
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Rises when it is less than marginal product
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