Difference between average cost and total fixed costs
What are the difference between average cost and total fixed cost?
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Average fixed cost is acquired by dividing total fixed cost through total output. Therefore, total fixed cost curve and average fixed cost curve are demonstrated below here:
By the above graph this is clear that the total fixed cost curve is horizontal to OX axis. Conversely, the average fixed cost curve slopes by left to right. It implies as that the output raises, the average fixed cost falls.
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The substitution consequence on labor supply decision of an individual is more powerful than the income effect while: (1) higher wage rates result within increased hours worked. (2) cuts in wage rates yield discouraged worker effects. (3) the supply c
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Gilligan is hiring new workers to help run his Island Getaway resort. Gilligan makes a decision that he will not hire a new worker unless they have been properly trained and certified into wilderness survival and have a license by the government to operate watercraft.
Illustrates the merits of scarcity definition?
An equilibrium point on the resource demand curve of a competitive firm operating within a competitive labor market would indicate equality among the resource price and: (w) demand elasticity. (x) quantity demanded. (y) VMP of the resource. (z) output
What are the advantages and disadvantages of survey techniques?
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