Asked by
Angel Jimenez
on Nov 26, 2024
Verified
Process innovation causes an upward shift in a firm's total product curve and
A) a decrease in its average product.
B) a downward shift in its average total cost curve.
C) an upward shift in its average total cost curve.
D) an upward shift in its marginal revenue curve.
Average Total Cost Curve
A graphical representation that shows the average total cost of producing each quantity of output.
Total Product Curve
A graphical representation of the total quantity of output that can be produced by a firm as a function of the quantity of a single input used, keeping other inputs constant.
Marginal Revenue Curve
A graphical representation showing the change in total revenue from selling one additional unit of a product or service.
- Obtain insight into the theory and importance of process innovation in improving manufacturing processes and its implication on a corporation's total product curve and cost makeup.
Verified Answer
MJ
Learning Objectives
- Obtain insight into the theory and importance of process innovation in improving manufacturing processes and its implication on a corporation's total product curve and cost makeup.