The provided statement is false because when the marginal cost is greater than the average cost, then the average cost tends to rise.
<h3>What is the average cost?</h3>
The average cost is the cost per unit of a manufactured product. It is determined by dividing the total cost of production by the number of units produced.
The average cost can rise, fall, or have no effect totally depending on the relation of average cost with marginal cost. If marginal cost is higher than average cost. then average cost tends to rise whereas it falls in the reverse case. There is no change in the average cost if both of them are equal.
Therefore, the average cost rises in the scenario where it exceeds the marginal cost.
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Answer:
The information in the schedules can be found on this link:
https://www.google.ch/search?q=%22production+function+and+demand+for+labor+schedules%22&hl=en&tbm=isch&source=iu&ictx=1&fir=Q9NxFXsgg-TLAM%253A%252C3Ii2VLpJgT9QqM%252C_&vet=1&usg=AI4_-kT1RugPPWJXULztRybSitHwqJnmQg&sa=X&ved=2ahUKEwjV-vf__eXmAhUDvVkKHYsSDh8Q9QEwCHoECAoQDA#imgrc=_&vet=1
There is a federal agency in the legislative branch of the US Government that makes economic information available, that agency is <em>"The Congressional Budget Office"</em>, which inspects and breaks down the distribution of income in the country and how it changes over time.
The <em>GDP</em> is the value of goods and services produced in a year; the production function is the relationship between GDP and labor, where <em>labor supply</em> is wage rate and labor hours at such wage rates and the combination of wage rates and labour hours determines the <em>labor demand</em>. With the info provided in the example, the real wage rate would be <em>$2 an hour</em>.
Answer:
21,062.96
Explanation:
As per online sources the price was $21,062.96.
see attached extract of source
Answer:
$50,000 + $25x
Explanation:
Given that,
Fixed cost to start a production process = $50,000
Variable cost per unit = $25
Revenue per unit is projected to be $45
Therefore,
Let the number of units produced be x,
The total cost function is as follows:
Total cost = Fixed cost + Variable cost
= $50,000 + (Variable cost per unit × Number of units)
= $50,000 + $25x