Answer:
The correct answer to the following question is option D) the vertical distance between ATC ( Average total cost ) and AVC ( Average variable cost ) .
Explanation:
AFC which is know as average fixed cost , can be taken out by dividing the total fixed cost from the total number of units produced. In the earlier phase , for the given number of units produced, both AVC and AFC curve would decrease, which would ultimately lead to fall in ATC. But when the units increase , the AVC would start to rise but AFC is still falling and due to this ATC would sill fall , because fall in AFC is still greater than rise in AVC . As output further rises , the AVC would keep on rising and would finally offset fall in AFC and ATC would also start rising. Therefore AFC would be determined by vertical distance between ATC and AVC.
Factors of production are scarce in every society.
<h3>What are the factors of production?</h3>
Factors of production are the resources that are used in the production of goods and services. Factors of production are scarce and this is why it is important to use them in the activities that would maximise their use.
There are four factors of production in economics. They include - land, labor, capital and entrepreneurship.
Land includes all the natural resources that are used to produce goods and services e.g. gold mine. Labor is the human effort that is exerted in the production of goods and services. Capital includes machinery and man made resources used in production. An entrepreneur is a person who combines the other factors of production together
To learn more about factors of production, please check: brainly.com/question/12342608
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Answer:
Personal-use
Personal
Real
Explanation:
There are three types of properties which are shown below:
1. Personal use: These properties which are used by a person for their personal purpose rather than business purpose like - clothing, jewelry, home, car for their comfort and enjoyment.
2. Personal: These include those properties which are movable or transferable for one place to other like - machinery, furniture, other building, etc as per the needs.
3. Real: These properties include properties that are non-movable i.e land, building, canals, etc. This is also known as immovable properties.
