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Value of average total cost and average variable cost

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Reference no: EM132954581

1.Please explain in more words following TRUE or FALSE questions. Answers need to be supported with an economic model.

a.The short-run is any time shorter than one calendar year.

b.If output rises from 10 to 25 to 37 to 47 with each successive unit of labour employed, we can say that the marginal product of labour has fallen.

c.If, after hiring the sixth worker, a firm's output falls, then the marginal product of the sixth worker is negative.

d.If the average product is decreasing, then the marginal product must be negative.

e.If a firm experiences diminishing returns, its marginal product must be negative.

2.As the level of output increases, what happens to the value of average fixed cost, and what happens to the difference between the value of average total cost and average variable cost?

Reference no: EM132954581

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