Microeconomics-Plus two-Chapter 3-Shapes of AVC,SAC and SMC curves
Автор: Praveen Kumar P Pottakkad
Загружено: 2020-11-28
Просмотров: 1026
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SMC curve
Initially to produce every extra unit of output,the requirement of the factor become less and less,and then after a certain point ,it becomes greater and greater.As a result ,with the factor price given ,initially the SMC falls and then after a certain point ,it rises.SMC curve is therefore U shaped.
AVC curve
For the first unit of output SMC and AVC are same.So both the SMC and AVC curves start from the same point.Then,as output increases AVC also falls.Then after a point AVC starts rising. So the AVC curve is also U shaped.
As long as AVC is falling ,SMC must be less than AVC.As AVC rises,SMC must be greater than the AVC.So the SMC curve cuts the AVC curve from below at the minimum point of AVC.
SAC curve.
SAC is the sum of AVC and AFC.SAC initially falls.After a certain point SAC starts to rise.Therefore SAC curve is also U shaped.
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