Answer the question on the basis of the following cost data: Average Average Fixed Variable Output Cost Cost 1 $50.00 $100.00 2 25.00 80.00 3 16.67 66.67 4 12.50 65.00 S 10.00 68.00 6 8.37 73.33 7 7.14 80.00 6.25 87.50 Refer to the above data. The marginal cost of the fifth unit of output is: $62. $78. $3. $80.
Answer the question on the basis of the following cost data: Average Average Fixed Variable Output Cost Cost 1 $50.00 $100.00 2 25.00 80.00 3 16.67 66.67 4 12.50 65.00 S 10.00 68.00 6 8.37 73.33 7 7.14 80.00 6.25 87.50 Refer to the above data. The marginal cost of the fifth unit of output is: $62. $78. $3. $80.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter3: Benefits, Costs, And Decisions
Section: Chapter Questions
Problem 3.7IP
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Transcribed Image Text:Answer the question on the basis of the following cost data:
Average Average
Fixed Variable
Output
Cost
Cost
1
$50.00 $100.00
2
25.00
80.00
3
16.67
66.67
4
12.50
65.00
5
10.00
68.00
6
8.37
73.33
7
7.14
80.00
8
6.25
87.50
Refer to the above data. The marginal cost of the fifth unit of output is:
$62.
$78.
$3.
$80.
Transcribed Image Text:Answer the question on the basis of the following cost data:
Average Average
Fixed Variable
Output
Cost
Cost
1
$50.00 $100.00
2
25.00
80.00
3
16.67
66.67
4
12.50
65.00
5
10.00
68.00
6
8.37
73.33
7
7.14
80.00
B
6.25
87.50
Refer to the above data. The total cost of four units of output is:
$77.50.
$215.
$310.
$260.
Answer the question on the basis of the following cost data:
Average Average
Fixed Variable
Output
Cost
Cost
$50.00 $100.00
2
25.00
80.00
3
16.67
66.67
4
12.50
65.00
10.00
68.00
6
8.37
73.33
7
7.14
80.00
6.25
87.50
Refer to the above data. If the firm closed down in the short run and produced zero units of output, its
total cost would be:
$100.
$150.
$50.
zero.
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