Suppose that your firms marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. if your firm is interested in minimizing average total cost, what should your firm do?
Answer: decrease production
Economics
You might also like to view...
Interest rates declined in 2007. What happened to bond prices during this time?
A. They were unchanged. B. They increased. C. They decreased. D. Not enough data to answer.
Economics
Of these areas of macroeconomics, which employs the fewest economists?
A. Macroeconomic forecasting B. Macroeconomic research C. Macroeconomic analysis
Economics
The revenue raised by printing money is called:
A. interest rates. B. velocity. C. seigniorage. D. nominal income.
Economics
Current concern about Social Security is that
A) the fund is growing too rapidly and would trigger inflation. B) the fund might be depleted before long and might not be there for workers who retire later. C) the government is planning to phase out the program. D) none of the above
Economics