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The economics cost curve is a graph that represents the cost of production as the function of the total quantity. With cost curves, firms can locate their optimal production that shows the point they can minimize the cost and maximize the profit at the same time. Firms can determine the quantity to produce for attaining maximum profit. If you find it difficult to prepare assignments on cost curves, then you can approach BookMyEssay for perfect Economics Cost Curves assignment help.

What is Economics Cost Curves?

Cost curves are the graph of the production cost as a function of the quantity produced. These curves are used by firms for finding out the optimal production for minimizing cost and maximizing profit. Firms can determine the quantity, which should be produced for meetings the needs of profit maximization.

There are various kinds of cost curves. Some of the important ones include Average total cost curve, average variable cost curve, short-run average cost curve, long-run average cost curve, long-run marginal cost curve, and short-run marginal cost curve. BookMyEssay team of experts has the huge experience to deal with academic projects. You can ask for, "write my homework for me on Economics Cost Curves.

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Properties of Cost Curves

Cost curves are useful tools for analyzing the behavior of a firm. Though the slope and the size of the curves may differ, most of the curves look similar. The properties are discussed in our help for assignment on Economics Cost Curves as follows:

When output increases Marginal cost rises: MC rises when output increases. It means at a given point in a production process, it becomes highly expensive to produce additional units of a service or good. It reflects diminishing marginal productivity. When small quantities are produced by firms, they have idle resources, which they can put into use and thus the marginal product is high though MC is low. As output increases, it is difficult to introduce additional production capacity that results in higher marginal costs and lower marginal returns.

The Average Total Cost curve or ATC is U-shaped: For many firms, the ATC curve is U-shaped. It means as the output increases, the ATC first falls though rises eventually once the production exceeds a specific level. It results in a U-shaped ATC curve. Its reason is that the curve of average total cost reflects the average fixed cost and average variable cost. As output increases, AFC falls as fixed costs may be spread over a huge number of units. As output rises, AVC increases due to increasing marginal costs. At a low production level, the reducing AFC outweighs the increasing AVC though AVC becomes significant as the output grows.

Average and marginal total cost intersect at the minimum of the average total cost curve: Marginal cost intersects Average Total Cost at the below of ATC. It means the cost to produce an additional unit is always below the ATC. As the cost to produce an additional unit is greater than the ATC, the average total cost increases. Thus the two curves intersect at the minimum of the average total cost curve, wherein ATC is equal to MC.

Importance of Cost Curves

The importance of the cost curve is highlighted in our Economics Cost Curves assignment writing help as follows:

Total cost: The total cost curve is generally upward sloping. It costs more to produce more quantity. The Total cost is split into variable cost and fixed cost. The total fixed cost graph is a horizontal line as the total fixed cost is not dependent on the output quantity.

Marginal cost: The Marginal cost curve for most firms is upward sloping. It is possible for a marginal cost curve to be initially increasing before it begins to increase.

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