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Subject:
microeconomics
Category: Business and Money > Economics Asked by: makbool-ga List Price: $7.50 |
Posted:
02 Sep 2002 03:59 PDT
Expires: 02 Sep 2002 23:21 PDT Question ID: 60862 |
1. What is the relationship between the average product curve and the average total cost curve 2. Why might a firm continue to produce in the short run even though the market price is less than the average total cost |
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There is no answer at this time. |
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Subject:
Re: microeconomics
From: omnivorous-ga on 02 Sep 2002 04:36 PDT |
You may want to check the wording of the 1st question, as "average product curve" doesn't make sense. Could it be "average product price curve" or "average product variable cost curve"? |
Subject:
Re: microeconomics
From: makbool-ga on 02 Sep 2002 18:59 PDT |
yes it is average product price |
Subject:
Re: microeconomics
From: makbool-ga on 02 Sep 2002 18:59 PDT |
sorry it is average product price curve |
Subject:
Re: microeconomics
From: jeffyen-ga on 02 Sep 2002 19:13 PDT |
Hmm....so your question becomes 1. What is the relationship between the average product PRICE curve and the average total cost curve? Is this correct? (I'm confused I've not come across an 'average product price curve' but an 'average product curve' is common) |
Subject:
Re: microeconomics
From: makbool-ga on 02 Sep 2002 19:32 PDT |
Hi yes - it is correct - I am confused my-self when I found this question in the Economics text books |
Subject:
Re: microeconomics
From: jeffyen-ga on 02 Sep 2002 19:42 PDT |
This is indeed interesting, maybe they both mean the same thing, just that the words are different? The 'average product curve' I'm familiar with has a graph with 'amount produced' on the y axis, and 'labor needed' on the x axis... well, maybe someone can shed some light... |
Subject:
Re: microeconomics
From: makbool-ga on 02 Sep 2002 21:13 PDT |
I am in the process of finding out the relationship between the two curves. However can someone answer question 2. |
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