The differences between average total costs and average variable costs declines as a firms output increases. True False

part E

What is the difference between economic profit and accounting profit? What is a normal rate of return and how does normal, less than normal, greater than normal inform resource allocation?

None

What do economists call the sum of a firm's fixed costs and its variable costs? sunk cost marginal cost implicit cost total cost

A firm with some fixed costs and a constant marginal cost at all levels of production will have which of the following average cost relationships? As production increases, average total cost will:   A remain the same   B decrease   C increase   D decrease and then increase   E increase and then decrease

None

Jaskier can only produce output in integer units. His Fixed cost is $200 and his Total Cost of production for every quantity is given in the table below. What is his minimum Average Variable Cost?  Q TC 1 322.31 2 344.24 3 380.79 4 406.53 5 511.2 6 578.16 7 800 8 782.84 9 907.11 10 1046

Marginal variable costs and marginal total costs are the same. True False

Refer to the figure on the right. Suppose the output of a large aluminum firm drops from 2 million pounds to 0.5 million pounds per year. The long-run average cost of producing aluminum will go from $ to $. (Enter your responses rounded to the nearest penny.) Cost per pound $2.80 2.10 1.60 b 0.50 1.00 1.50 2.00 2.50 Million of pounds of Aluminum per year LA