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14 Jan 2018
8. Use the information about the total cost function supplied above. Now, suppose the term A in the total cost function changes to a new figure that is $12 lower. Thinking about the cost curves drawn on a graph, we would expect the following to happen (choose the best answer): A) B) The average variable cost curve shifts down. The level of quantity where average variable cost is minimized falls. The marginal cost curve shifts (rotates) down. The average cost curve shifts down. The level of quantity where average cost is minimized falls. All of the above statements are true. Statements A & B are true. Statements D & E are true. Statements A, C & D are true. None of the above statements are true. H) J)
8. Use the information about the total cost function supplied above. Now, suppose the term A in the total cost function changes to a new figure that is $12 lower. Thinking about the cost curves drawn on a graph, we would expect the following to happen (choose the best answer): A) B) The average variable cost curve shifts down. The level of quantity where average variable cost is minimized falls. The marginal cost curve shifts (rotates) down. The average cost curve shifts down. The level of quantity where average cost is minimized falls. All of the above statements are true. Statements A & B are true. Statements D & E are true. Statements A, C & D are true. None of the above statements are true. H) J)
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