Figure 1 BFigure 2

question 118

Multiple Choice

Figure 1
b.
Figure 2
c.
Figure 3
d.
Figure 4
ANSWER:
d
DIFFICULTY:
Moderate
LEARNING OBJECTIVES:
ECON.MANK.174 - Given a graph of the production function and input costs, derive the firm's total-cost curve.
TOPICS:
Producer theory
Production function
KEYWORDS:
BLOOM'S: Comprehension
CUSTOM ID:
178.13.3 - MC - MANK08
Figure 13-8
-Refer to Figure 13-8. Quantity B represents the output level where the firm

• A)maximizes profits.
• B)minimizes average variable costs.
• C)produces at the efficient scale.
• D)minimizes marginal costs.