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Posts: 202
4 weeks ago



Refer to Figure 8.1, which shows a family of average cost curves. The average total cost curve is represented by:

▸ Curve 1.

▸ Curve 2.

▸ Curve 3.

▸ the vertical sum of curve 1 and curve 2.
Textbook 
Survey of Economics: Principles, Applications and Tools
Edition: 6th
Authors:
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4 weeks ago
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Curve 1.
1
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wrote...
4 weeks ago



Refer to Figure 8.1, which shows a family of average cost curves. The average total cost at a given level of output is represented by:

▸ the vertical sum of Curve 2 and Curve 3 at a given level of output.

▸ the vertical distance between Curve 2 and Curve 3 at a given level of output.

▸ the vertical distance between Curve 1 and Curve 2 at a given level of output.

▸ the vertical sum of Curve 1 and Curve 2 at a given level of output.
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4 weeks ago
the vertical sum of Curve 2 and Curve 3 at a given level of output.
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4 weeks ago
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4 weeks ago
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wrote...
4 weeks ago



Refer to Figure 8.1, which shows a family of average cost curves. Why does the vertical distance between Curve 1 and Curve 2 decrease as output increases from Q1 to Q2?

▸ Because average variable cost first decreases, then increases as output increases from Q1 to Q2.

▸ Because average fixed cost decreases as output increases from Q1 to Q2.

▸ Because average total cost first decreases, then increases as output increases from Q1 to Q2.

▸ Because average variable cost increases faster than average fixed cost as output level approaches Q2.
wrote...
4 weeks ago
Because average fixed cost decreases as output increases from Q1 to Q2.
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