Use the table below to answer the following question. Units Total Fixed Cost Total Variable of Output (dollars) Cost (dollars) 1 150 25 2 150 48 150 70 4 150 100 What is the marginal cost of producing the third unit of output? $22 $23.33 $73.33 This cannot be determined from the data.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 19RQ: What shapes would you generally expect each of the following cost curves to have: fixed costs,...
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Use the table below to answer the following question.
Units
Total Fixed Cost
Total Variable
of Output
(dollars)
Cost (dollars)
1
150
25
2
150
48
150
70
4
150
100
What is the marginal cost of producing the third unit of output?
$22
$23.33
$73.33
This cannot be determined from the data.
Transcribed Image Text:Use the table below to answer the following question. Units Total Fixed Cost Total Variable of Output (dollars) Cost (dollars) 1 150 25 2 150 48 150 70 4 150 100 What is the marginal cost of producing the third unit of output? $22 $23.33 $73.33 This cannot be determined from the data.
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