Hiiiiiiiya so I'm doing MACRO graphs in A2 Economics and the teacher gave us extra work..
The question is: What are the relationships between TVC&AVC and TC&AC..?
photo:
https://scontent-lhr3-1.xx.fbcdn.net/hphotos-xpf1/v/t34.0-12/12380068_10207042565455635_1801935373_n.jpg?oh=0d14d5cf34c304954ef088daf0751172&oe=5670AE73
NOTE that the Law of Diminishing Marginal kicks in at the minimum point of MC. and those green points on AVC and AC are their minimum points.
The hint is that it has something to do with cost ratio/tangent gradient....
Cheers
ECONOMICS: Relationships between TVC&AVC and TC&AC???????
The question is: What are the relationships between TVC&AVC and TC&AC..?
photo: https://scontent-lhr3-1.xx.fbcdn.net/hphotos-xpf1/v/t34.0-12/12380068_10207042565455635_1801935373_n.jpg?oh=0d14d5cf34c304954ef088daf0751172&oe=5670AE73
NOTE that the Law of Diminishing Marginal kicks in at the minimum point of MC. and those green points on AVC and AC are their minimum points.
The hint is that it has something to do with cost ratio/tangent gradient....
Cheers