What variable is at a minimum when average product is at a maximum? The output at which average product is a maximum is the same output at which ______ is a minimum. A. marginal cost B. average fixed cost C. average total cost D. average variable cost
Added by Ashley R.
Close
Step 1
It represents the average output produced per unit of input. Show more…
Show all steps
Your feedback will help us improve your experience
Haricharan Gupta and 70 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Marginal cost is equal to average variable cost when average variable cost is minimized.
Haricharan G.
Which of the following is true in the short run at the output level where average total cost is at its minimum? A. Marginal cost equals average variable cost. B. Average variable cost equals fixed cost. C. Average total cost equals average fixed cost. D. Marginal cost equals average total cost. E. Average total cost equals average variable cost
Jennifer S.
The marginal cost curve intersects the short-run average total cost curve where: A. average variable costs are maximized in the short run. B. average variable costs are minimized in the short run. C. average total costs are minimized in the short run. D. marginal cost is minimized in the short run.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD