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Explain why the marginal cost curve intersects the average cost curve at its minimum point?

Marginal cost (MC) is the extra cost incurred when one extra unit of output is produced. Average product (AC) is the total cost per unit of output. When the MC is smaller the AC, the AC decreases. This is be...
DN
Answered by Diveena N. • Economics tutor
181231 Views

What is a key constraint to economic growth and development for developing countries? Explain how so.

One crucial constraint to economic growth and development in developing countries may be human capital inadequacy. For example, only 2.3% of India's population is classified as skilled, with only 44% of the ...
RT
Answered by Ridhi T. • Economics tutor
5403 Views

Explain how a public good is different to a private good.

A public good has two characteristics that separate it from being a private good; non-rivalry and non-excludability. Non-rivalry means that your consumption of that good does not reduce the amount that anoth...
GP
Answered by Gwyn P. • Economics tutor
2735 Views

How can I improve my "chain of reasoning" when explaining answers so I can achieve full marks for analysis (KAA)?

Producing a "chain of reasoning" in your answers is one of the more difficult requirements of the A level Economics syllabus. It is important when explaining your answers that you make clear and lo...
TW
Answered by Tom W. • Economics tutor
7672 Views

Why is profit maximising at MC=MR?

Mathematically: Profit = TR-TC Maximum profit is when the derivative of the profit function = 0 Differentiating profit: d(TR)/dX - d(TC)/dX = 0 Since the derivatives of TR and TC are MR and MC respectively, ...
AP
Answered by Arjun P. • Economics tutor
11221 Views