1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...

In business, the slope of the learning curve represents the rate at which learning new skills translates into cost ... example, consider the graph below that demonstrates the approximate average ...

The average variable cost curve is typically U-shaped or upward-sloping ... However, in many cases, using calculus to approximate this difference (see Example below) is easier. MC(q) = TC′(q), ...

For example ... curves intersect helps businesses make strategic decisions about production, pricing, and capacity investments. Thus, at $230 to produce—more than the current average cost ...