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Question from Past Microeconomics Qualifying ExamEdit

Fall 1999- Section I, Question two, George Mason University

True, False, Uncertain. Determine whether or not each of the following statements are true or false. Explain your reasoning briefly in a paragraph or two. (The explanation is often more important than the answer given). Include a carefully labeled diagram or game matrix if it helps to clarify your answer.


Cost curves are “monetized” reciprocals of product curves.

AnswerEdit

True

   *MC 	= dTVC/dQ = wdL/dQ = w(1/MPL)
  • MC is the monetized mirror image or reciprocal of the MPL curve
 * AVC	= TVC/Q = wL/Q	= w(1/APL)
  • AVC is the monetized mirror image or reciprocal of the APL curve


See AlsoEdit

Other QuestionsEdit

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