Calculate price and average total cost atc, Microeconomics

1. Through graphs describe the relationship between the price, P, and the average total cost, ATC, for a firm in perfect competition when it earns an economic profit; earns a normal profit/ zero economic profit and; incurs an economic loss? Why can't the firm continue making economic profits in the long run?

2. a. To maximize utility, why does a consumer consume the combination of goods that equates marginal utility per dollar from the different goods rather than just equating the marginal utility of the different goods?

b. Why does gold, which is a relatively nonessential item, have a higher price than water, which is essential to life?

 

Posted Date: 4/5/2013 6:02:35 AM | Location : United States







Related Discussions:- Calculate price and average total cost atc, Assignment Help, Ask Question on Calculate price and average total cost atc, Get Answer, Expert's Help, Calculate price and average total cost atc Discussions

Write discussion on Calculate price and average total cost atc
Your posts are moderated
Related Questions
Costs: If raw materials, machines and other things required for production could be made available freely then the study of the theory of the production and indeed, the study of

Rationale of Group Project Group project allows you to pursue authentic learning with your peers, and to apply theories taught in class and textbooks to real world situations.

AGRICULTURAL GROWTH AND PRODUCTIVITY TRENDS: Despite a steady decline in the share of agriculture in the Gross Domestic Product (GDP) of India, this sector continues to remain

how can draw the table and diagram of production function function with one veriable

Consider a hypothetical nation, Solowland, which were in the steady state. We consider a constant return to scale production function based on two production factors, labor and cap

Closesubstitute goods: The number of closesubstitute goods The more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. Fo

what is the second best?prove the theorem with the help of a diagram?

have to do a group project on consumer equlibrium. plz help on wat sub topics to select (i am in college 1st year)

Economic growth and Economic development: Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is

What is the difference between indifference curve and isoquants?  An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Ind