Figure 11-5

-Refer to Figure 11-5.Identify the curves in the diagram.
A)E = average fixed cost curve; F = variable cost curve; G = total cost curve, H = marginal cost curve
B)E = marginal cost curve; F = total cost curve; G = variable cost curve, H = average fixed cost curve
C)E = average fixed cost curve; F = average total cost curve; G = average variable cost curve, H = marginal cost curve
D)E = marginal cost curve; F = average total cost curve; G = average variable cost curve; H = average fixed cost curve.

Question

Figure 11-5
 
-Refer to Figure 11-5.Identify the curves in the diagram.
A)E = average fixed cost curve; F = variable cost curve; G = total cost curve, H = marginal cost curve 
B)E = marginal cost curve; F = total cost curve; G = variable cost curve, H = average fixed cost curve 
C)E = average fixed cost curve; F = average total cost curve; G = average variable cost curve, H = marginal cost curve 
D)E = marginal cost curve; F = average total cost curve; G = average variable cost curve; H = average fixed cost curve.

Quizplus · Accepted Answer

E is the marginal cost curve, F is the average total cost curve, G is the average variable cost curve, and H is the average fixed cost curve. This is because the MC curve intersects the ATC and AVC curves at their respective minimum points, and the AFC curve continually decreases as output increases.

Figure 11-5 -Refer to Figure 11-5.Identify the Curves in the Diagram