| 11. | Just like the supply curves reflect marginal cost curves, demand curves are determined by marginal utility curves.
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| 12. | To complicate things further, both products, because they are produced jointly, share a common marginal cost curve.
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| 13. | Each straight line segment is an tangency between the given isoquant and one of the cost curves.
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| 14. | The relevant range of product demand is where the average cost curve is below the demand curve.
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| 15. | Producers near the top of the cost curve will soon have no choice but to close mines.
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| 16. | Traditionally, cost curves have quantity on the horizontal axis of the graph and cost on the vertical axis.
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| 17. | The long-run marginal cost curve intersects the long-run average cost curve at the minimum point of the latter.
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| 18. | The long-run marginal cost curve intersects the long-run average cost curve at the minimum point of the latter.
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| 19. | Known for his enduring economic modeling of the long-and short-run cost curves, his work is still used today.
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| 20. | However, the cost curve is quite flat and the optimum may be affected by " topology traps ".
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