Minimum average total cost

• [DOC File]Chapter 10

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  b. is producing at an output where marginal cost equals price. c. is not maximizing its profit. d. produces an output where average total cost is not minimum. ANS: d. Output occurs where average cost is not at a minimum. 7. A monopolistically competitive firm in the long run earns the same economic profit as a . a. perfectly competitive firm. b ...

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• [DOC File]CHAPTER 7

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  Average total cost is equal to average fixed plus average variable cost. When graphed, the difference between the U-shaped total cost and average variable cost curves is the average fixed cost curve. If fixed cost is greater than zero, the minimum of average variable cost must be less than the minimum average total cost. 8.

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• [DOC File]CHAPTER 7

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  For example, let a = 0, b = 1, c = -1, d = 1. Total cost is Q - Q2 + Q3; average cost is 1 - Q + Q2; and marginal cost is 1 - 2Q + 3Q2. Minimum average cost is Q = 1/2 and minimum marginal cost is 1/3 (think of Q as dozens of units, so no fractional units are produced). See Figure 7.13. Figure 7.13 *14.

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• [DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)

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  A) average fixed cost reaches its minimum. B) average total cost reaches its minimum. C) average variable cost reaches its minimum. D) marginal cost reaches its minimum. E) all of the above . Answer: C. Diff: 2. Section: 7.2. 38) Refer to Figure 7.1. At what level of output does average total cost equal marginal cost? A) Q2. B) Q3. C) Q4. D) Q5 ...

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• [DOC File]Home | University of Pittsburgh

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  a. marginal cost = average cost. b. marginal cost = price. c. average cost = price. ^ d. all of the above. 2. For a perfectly competitive firm, if P = $10 and the firm's total costs are given by TC = 10 + 2Q + Q2, the profit maximizing rate of output in the short run will be. a. 10. b. 8. c. 0 ^ d. 4. 3.

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• [DOC File]3 - University of Wisconsin–Madison

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  False, competitive firms produce at the minimum of average total cost. d. If a market is characterized by perfect competition then the equilibrium price is equal to marginal cost. True, this fact is generated by profit-maximizing behavior in a price-taking context. If a firm takes a price as given, then it will produce up to the point where the ...

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• [DOC File]ECN 112 Chapter 13 Lecture Notes - Mesa Community College

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  The firm produces output as long as price is above minimum average variable cost (P > minimum AVC). 2. The firm shuts down if price is less than minimum average variable cost (P < minimum AVC). a. The . shutdown point. is the output and price at which the firm just covers its total variable costs. 3. The firm’s supply curve is divided into ...

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• [DOC File]Chapter 14: SOLUTIONS TO TEXT PROBLEMS:

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  The typical firm's initial marginal-cost curve is MC1 and its average-total-cost curve is ATC1. In the initial equilibrium, the industry supply curve, S1, intersects the demand curve at price P1, which is equal to the minimum average total cost of the typical firm. Thus the typical firm earns no economic profit.

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• [DOC File]Chapter 9

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  b. a price corresponding to the minimum average total cost. c. a price equal to marginal revenue. d. a price determined by the point on the demand curve corresponding to the level of output at which marginal revenue equals marginal cost. e. none of the above. ANS: d. …

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