Answer 1.15 and 1.16 1.15In the Table 1.1, what is the marginal cost of the third unit?Table 1.1Quantity produced2Fixed costs100100100100100Variable costs2003003507001 400a) 100b) 300c) 50d) 7001.16In Table 1.2, what is the average product of labour when two workers are employed?Table 1.2Number ofmachinesOutput(cicket hallday)Number ofworkers60140230300340360a) 30 cricket ballsb) 70 cricket ballsc) 80 cricket ballsd) 140 cricket balls

Ans. 1.15 Marginal Cost is defined as the change in the total production cost that is generated from…

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Economics

what is the marginal cost of the third unit?

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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Question

Answer 1.15 and 1.16

1.15
In the Table 1.1, what is the marginal cost of the third unit?
Table 1.1
Quantity produced
2
Fixed costs
100
100
100
100
100
Variable costs
200
300
350
700
1 400
a) 100
b) 300
c) 50
d) 700
1.16
In Table 1.2, what is the average product of labour when two workers are employed?
Table 1.2
Number of
machines
Output
(cicket hallday)
Number of
workers
60
140
230
300
340
360
a) 30 cricket balls
b) 70 cricket balls
c) 80 cricket balls
d) 140 cricket balls

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