help answer

Quizzes - ECON 203 6383 Pr . . . Opportunity Cost of College X *Chat Thread C go learn.umgc.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d2|?ou=1319436&isprv=&qi=2499540&cfql=... Ca 2% coursehero.com/ai/homework-help/thread/53670564 Ca J 88 UDigital University |... U Homepage - UMG... Homepage - BMG... Homepage - ECO... ChatGPT VA Check Your Post-9... > > UDigital University |... UHomepage - UMG... U Homepage - BMG... Homepage - ECO... ChatGPT VA Check Your Post-9.. Homework #3 0:25:29 elapsed X Search Ask Al J + New homework thread help Page 1: 20 100 74 YOUR QUESTIONS help Answer & explanation by Al 30 73 500 To determine the correct answer, let's analyze the concepts of marginal cost (MC) and average cost Page 2: Help me answer (AC) in the graph: 40 00 113 . Option a) Marginal cost line must intersect the average cost line at the minimum point of the N average cost curve. 50 900 19 The marginal cost curve intersects both the average variable cost (AVC) and average total cost Page 3: (AC) curves at their minimum points. 200 122 3 This is because when the marginal cost is less than the average cost, the average cost decreases, and when the marginal cost is greater, the average cost increases. 1500 24 Therefore, the correct statement is that the MC intersects the AC at the minimum point. Page 4: 1600 126 2. Option b) Producing a marginal unit is increasing average costs overall. . If MC is above AC, producing an additional unit increases the AC. This happens after the 2000 127 intersection point, but the statement doesn't reflect the intersection concept itself. Page 5: 3. Option c) Producing one more unit is reducing average costs overall. 5 a) 19 If MC is below AC, producing an additional unit decreases the AC. This happens before the intersection point. However, the focus here is on the intersection, not continuing impacts. Page 6: O b) 56 4. Option d) Marginal cost of production is below the average cost for producing previous units. This statement may be true in certain segments where MC is less, but it doesn't focus on the intersection behavior. ( a O c) 16 The correct answer is: Page 7: a) Marginal cost line must intersect the average cost line at the minimum point of the average cost O d) 100 curve.