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The cost curves best tells us the relationship between the marginal cost and average total cost. The average fixed cost (AFC) curve will decline as additional units are produced, and continue to decline.

Q: Relationship between marginal cost and average total cost?

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Total average pertains to annual revenue. While marginal revenue is equivalent to quarterly profits. The relationship between the two is only that one is the dividend of the other.

When average total cost curve is falling it is necessarily above the marginal cost curve. If the average total cost curve is rising, it is necessarily below the marginal cost curve.

as a marginal cost is the cost of the next product produced, if this is less than average cost, when you continue to produce more products the lower marginal cost will have an affect on the average and cause it to fall.

explain the difference between total utility and marginal utility

Average and marginal productivity are analytical tools used to measure the output of labor in order to evaluate current production ability and improve future capacity. Average productivity is the total production involved in a process divided by the number of variable unit inputs employed. It is what each employee produces. Marginal productivity is the increase in the rate of output created by adding one more unit of the input while maintaining the same constant inputs.

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Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)

Total average pertains to annual revenue. While marginal revenue is equivalent to quarterly profits. The relationship between the two is only that one is the dividend of the other.

Total product is the sum of all marginal products.

Margianal cost curve crosses the average total cost curve at the lowest point on the average total cost curve to be socially and ecomonical efficient.

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When average total cost curve is falling it is necessarily above the marginal cost curve. If the average total cost curve is rising, it is necessarily below the marginal cost curve.

as a marginal cost is the cost of the next product produced, if this is less than average cost, when you continue to produce more products the lower marginal cost will have an affect on the average and cause it to fall.

explain the difference between total utility and marginal utility

Average and marginal productivity are analytical tools used to measure the output of labor in order to evaluate current production ability and improve future capacity. Average productivity is the total production involved in a process divided by the number of variable unit inputs employed. It is what each employee produces. Marginal productivity is the increase in the rate of output created by adding one more unit of the input while maintaining the same constant inputs.

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price = marginal revenue. marginal revenue > average revenue. price > marginal cost. total revenue > marginal co

Find (i) the marginal and (2) the average cost functions for the following total cost function. Calculate them at Q = 4 and Q = 6.