The table given below shows the average total cost of production of a firm at different levels of the output. Table 8.5 Quantity Average Total Cost $10 $6 $5 55 $5 $7 In Table 8.5, the marginal cost of producing the third unit of output is: $3. ○ $6. O $7. $4.

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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.