Reference no: EM13852126
1. In short-run, I see the question on slide 10 (Firm supply) used MC=SAVC to find the crossing point between MC and AVC, so does it mean that we can also take derivative of AVC with respect to Q and set it equal to zero to find minimum or maximum and the crossing point between MC and SAVC?
2. Do we use these formulas in Firm supply in general?
In short-run, we will use MC=SAVC, P=SMC, Taking derivative of AVC with respect to Q set it equal to zero, and PQ-SAVC=0.
3. In long-run, we will use MC=LAC, P=LMC, Taking derivative of LAC with respect to Q set it equal to zero, and PQ-AC=0
4. Are there any general shapes of cost curve graphs and firm supply graphs? For instance, MC graphs usually are U-Shape graphs and usually start from below AC graphs. Or it all depends on the types of graphs?
5. Is there a name for a graph that represent Labor and Wage (La, W) and a name for a graph that represent Leisure and Income (Le, Y)? I remembered one of the questions in problem sets that asked to draw Labor Supply graph for Low and high wages.
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