The connection between cost and production in the short run do you understand it? Marginal cost
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The connection between cost and production in the short run – do you understand it?
Marginal cost falls and then rises in the short run, as production is increased from a low level to a higher level. (This gives the total cost and total variable cost curves their distinctive shapes when diagramed.) Why does this happen to the marginal cost measure? Explain in words.
Related Book For
International Economics Theory and Policy
ISBN: 978-0273754206
9th Edition
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
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