1. Marginal cost is calculated for a particular increase in output byA) multiplying the change in total cost by the change in output. B) multiplying the total cost by the change in output. C) dividing the total cost by the change in output. D) dividing the change in total cost by the change in output.

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Economics

1. Marginal cost is calculated for a particular increase

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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Concept explainers

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.

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Marginal cost is calculated for a particular increase in output by

A) multiplying the change in total cost by the change in output.

B)	multiplying the total cost by the change in output.

C)	dividing the total cost by the change in output.

D)	dividing the change in total cost by the change in output.

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