The happiness which forms the utilitarian standard of what is right in conduct, is not...(one's) own happiness, but that of all concerned. As between his own happiness and that of others, utilitarianism requires him to be as strictly impartial as a disinterested and benevolent spectator.
There are various types of cost curves, all related to each other, including total and average cost curves, and marginal (for each additional unit) cost curves, which are equal to the differential of the total cost curves. At a level of Q at which the MC curve is above the average total cost or average variable cost curve, the latter curve is rising. 2  If MC is below average total cost or average variable cost, then the latter curve is falling.
Readers Question Economists describe both short run and long run average cost curves as u shaped. Provide a brief explanation why each of these curves might be considered u shaped. Short Run Cost curves are U shaped because of diminishing returns. In the short run capital is fixed.ong Run Cost Curves. The long run cost curves are u shaped for different reasons. It is due to economies of scale and diseconomies of scale. If a firm has high fixed costs, increasing output will lead to lower average costs. However, after a certain output, a firm may experience diseconomies of scale.