If production increases, what happens to average variable cost (AVC), does it increase only, decrease only, or decrease, increase and then increase? _______________ choose one

A farmer has 1 acre of land. If he uses X pounds of fertilizer he can harvest √x tons of wheat. What is his production function if he has A acres of land and can just replicate the same production process on each piece of land? XXX A * A VXA √XA

We can describe inputs as either fixed or variable. Thinking about a company that assembles cars, which of the following would be an example of a fixed input that could not be changed in the short run? Group of answer choices A)The robots that help assemble the cars. B)The building where the assembly takes place. C)The electricity required to support the assembly activity. D)The employees that work for the company.

True or False: For an increase in output, average costs change by more in the short-run than in the long-run, but for a decrease in output, the opposite is true.