Q. Cost curves explain the relationship between output & costs at a given level of production Explain the reasons why marginal cost initially declines and then starts rising using an example.
Answers
Answer:
Product curves show the relationship between output and the quantity of a factor; they therefore have the factor quantity on the horizontal axis. Cost curves show how costs vary with output and thus have output on the horizontal axis.
The Marginal Cost curve is U shaped because initially when a firm increases its output, total costs, as well as variable costs, start to increase at a diminishing rate. At this stage, due to economies of scale and the Law of Diminishing Returns, Marginal Cost falls till it becomes minimum.
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