PRODUCTION ,COST AND REVENUE

MARGINAL COST CURVE INTERSECTS AVERAGE VARIABLE COST CURVE AT ITS..................
MAXIMUM POINT
MINIMUM POINT
NO WHERE
NONE OF THE ABOVE

AVERAGE REVENUE IS GREATER THAN MARGINAL REVENUE WHEN................
PRICE FALLS
WHEN PRICE IS CONSTANT
WHEN PRICE INCREASES
NONE OF THE ABOVE

WHEN TR INCREASES AT CONSTANT RATE THEN.....................
AR= MR
AR>MR
AR<MR
NONE OF THE ABOVE

WHEN OUTPUT INCRASES, THE AVERAGE COST CURVE AND.....................................COMES CLOSER BUT DOES NOT INTERSECT
AVERAGE VARIABLE COST CURVE
MARGINAL COST CURVE
TOTAL FIXED COST CURVE
TOTAL COST CURVE

WHEN MARGINAL PRODUCT DECREASES, TPP INCREASES AT AN/A
DECREASING RATE
INCREASING RATE
CONSTANT RATE
NO RATE

THE COST OF NEXT BEST ALTERNATIVE FORGONE IS THE .......................
EXPLICIT COST
IMPLICIT COST
OPPORTUNITY COST
SOCIAL COST

THE IMPUTED COST OF SELF OWNED FACTORS IS CALLED...................
OPPOTUNITY COST
EXPLICIT COST
IMPLICIT COST
SOCIAL COST

EXPLAIN THE RELATIONSHIP BETWEEN AVEARGE REVENUE AND MARGINAL RVENUE USE DIAGRAM .

EXPLAIN THE RELATIONSHIP BETWEEN AVERAGE COST AND MARGINAL COST USE DIAGRAM

EXPLAINN THE COST OF AVERAGE FIXED COST AND AVEAGE VARIABLE COST USE DIAGRAM

DEFINE TOTAL FIXED COST AND HOW IS IT DIFFERENT FROM TOTAL VARIABLE COST? USE DIAGRAM

EXPLAIN THE CAUSES OF DECREASING AND INCRASING RETURNS TO A FACTOR

DEFINE FOLLOWING

WHY  CAN AVERAGE FIXED COST NOT BE ZERO?

EXPLAIN THE CONCEPT OF SOCIAL COST