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  • Me Assignment-3 Kanishkranjan 1407

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    Jagriti Pandey
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    1) The law of variable proportions states that as more of one input (like labor) is added while holding all other inputs constant, marginal product will first increase and then diminish and eventually turn negative. 2) The average total cost curve shows total costs averaged out over the long run when all inputs can be varied. It reflects the lowest average cost of production as scale of production increases. 3) The long run average cost curve is U-shaped, with average costs first falling as scale increases but eventually rising beyond a certain level of output.

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    1) The law of variable proportions states that as more of one input (like labor) is added while holding all other inputs constant, marginal product will first increase and then diminish and eventually turn negative. 2) The average total cost curve shows total costs averaged out over the long run when all inputs can be varied. It reflects the lowest average cost of production as scale of production increases. 3) The long run average cost curve is U-shaped, with average costs first falling as scale increases but eventually rising beyond a certain level of output.

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    8 views2 pages

    Me Assignment-3 Kanishkranjan 1407

    Uploaded by

    Jagriti Pandey
    1) The law of variable proportions states that as more of one input (like labor) is added while holding all other inputs constant, marginal product will first increase and then diminish and eventually turn negative. 2) The average total cost curve shows total costs averaged out over the long run when all inputs can be varied. It reflects the lowest average cost of production as scale of production increases. 3) The long run average cost curve is U-shaped, with average costs first falling as scale increases but eventually rising beyond a certain level of output.

    Copyright:

    © All Rights Reserved
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