Figure 4-11 -Refer to Figure 4-11.The Movement from Point a to Point

question 25

Multiple Choice

Figure 4-11
-Refer to Figure 4-11.The movement from point A to point B on the graph is caused by

• A)a decrease in the price of the good.
• B)an increase in the price of the good.
• C)an advance in production technology.
• D)a decrease in input prices.

Identify and analyze the concept of marginal product and its relationship to total and average product.

Calculate and interpret average total, variable, and fixed costs from given data.

Determine the point at which marginal product equals average product and understand its significance.

Analyze scenarios of changing output levels to predict effects on costs and cost structures.