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Economics Homework Twelve Answers - Student Ten (view source)
Revision as of 20:30, December 9, 2009
, 20:30, December 9, 2009no edit summary
'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''
'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''
average fixed costs all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together. when total costs fall below total revenue a firm will be forced to go out of business.
average fixed costs all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together. when total costs fall below total revenue a firm will be forced to go out of business.
'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''
'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''
A major advance in technology
A major advance in technology