QUESTION 19Marginal cost is the:O C. change in average variable cost thatresults from producing one moreunit of outputO D. change in average total costthat results from producingO A. rate of change in total fixed cost thatO B. change in total cost that resultsresults from producing one more unitof outputfrom producing one more unitof outputone more unit of output

QUESTION 19 Marginal cost is the: O B. change in total cost that results from producing one more unit of output OC. change in average variable cost that O D.change in average total cost results from producing one more unit of output O A. rate of change in total fixed cost that that results from producing results from producing one more unit of output one more unit of output

QUESTION 19 Marginal cost is the: O B. change in total cost that results from producing one more unit of output OC. change in average variable cost that O D.change in average total cost results from producing one more unit of output O A. rate of change in total fixed cost that that results from producing results from producing one more unit of output one more unit of output

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 3.7P

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Table: Spring Water Quantity(Cases) Price TotalRevenue MarginalRevenue MarginalCost AverageTotalCost Total Cost 0 $16 $0 $25 $15 $10 1 $15 $15 35.00 $35 $13 $6 2 $14 $28 20.50 $41 $11 $4 3 $13 $39 15.00 $45 $9 $2 4 $12 $48 11.75 $47 $7 $3 5 $11 $55 10.00 $50 $5 $3 6 $10 $60 8.83 $53 $3 $5 7 $9 $63 8.29 $58 $1 $9 8 $8 $64 8.38 $67 Reference: Ref 15-12 Table: Spring Water Table: Spring Water. The table shows the demand and cost data for a firm in a monopolistically competitive industry producing drinking water from underground springs. The profit-maximizing output is _____ cases. Select one: a. 7 b. 5 c. 6 d. 8
Capital (K) Labor (L) Total Product (TP) total fixed cost (TFC) total variable cost (TVC) total cost (TC) average fixed cost (AFC) average variable cost (AVC) average total cost (ATC) marginal cost (MC) 10 0 0 10 1 5 10 2 15 10 3 30 10 4 50 10 5 75 10 6 85 10 7 90 10 8 92 10 9 92 10 10 90 1.1 From the information in the table, calculate total fixed cost (TFC), total variable cost (TVC), total cost (TC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC). 1.2 At what point is average total cost minimized and at what post…