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Average Fixed Cost (AFC): AFC is the fixed cost per unit of output.
AFC = TFC/y
Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore, the AFC curve is downward sloping.
Average Variable Cost (AVC) : AVC is the variable cost per unit of output.
AVC = TVC/y.
AVC will generally decrease as the output increases. But because of the operation of the law of diminishing marginal product, the AVC will rise after a certain point. Notice that is it a mirror image of the average product curve. Manipulating the formulae of both will prove that AVC is inversely related to AP.
Your firms production function : Q=4K^1/2L^1/2 Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much
What are the keys of the profit maximisation in production technology? Profit Maximization in production technology: a. Producer Behavior b. Producer’s Optimal Choice
TC = Q3 – 8Q2 + 68Q + 4
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#how do you draw a demand curve on excel
# define output#
elasticity of demand of a product in different market forms such as perfect competition, monoply etc.
The Demand Curve - The demand curve exhibits how much of a good consumers are ready to buy as the price per unit changes keeping non-price factors constant. - This price-qua
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