59. How to get economic loss graphically using the MR = MC approach? multiply per unit loss by total output get the per unit difference of ATC and price multiply by loss minimizing output multiply per...

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Extracted text: 59. How to get economic loss graphically using the MR = MC approach? multiply per unit loss by total output get the per unit difference of ATC and price multiply by loss minimizing output multiply per unit loss by output all choices 68. If firms are rational, why is it that they could still overproduce or underproduce? Because of: their inability to correctly estimate or forecast customer demand the start of the law of diminishing returns can be known by experience and by trial and error loose coordination between marketing and production departments all options


Extracted text: 71. Diminishing returns can be caused by: the physical limitations of variable inputs the physical limitations of fixed input the physical limitations of both variable and fixed inputs all of the above 72. The resulting increase in the total output as X and Y inputs increase per unit at a time is called: production function increasing returns to scale constant returns to scale returns to scale