![EBK ECONOMICS](https://www.bartleby.com/isbn_cover_images/8220101443649/8220101443649_largeCoverImage.jpg)
EBK ECONOMICS
4th Edition
ISBN: 8220101443649
Author: KRUGMAN
Publisher: YUZU
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Question
Chapter 11, Problem 10P
To determine
Concept Introduction:
![EBK ECONOMICS, Chapter 11, Problem 10P , additional homework tip 1](https://content.bartleby.com/tbms-images/9781464143847/Chapter-11/images/html_43847-11-10p_1.png)
Here,
- AFC is the average fixed cost.
- AVC is the
average variable cost . - ATC is the average total cost.
Marginal Cost (MC): It refers to the rate by which the total cost of the produced good changes when the production increases by a single unit. As the fixed cost is constant irrespective of production, so the marginal cost depends on the variable cost only in the short run. Marginal cost is calculated as follows:
![EBK ECONOMICS, Chapter 11, Problem 10P , additional homework tip 2](https://content.bartleby.com/tbms-images/9781464143847/Chapter-11/images/html_43847-11-10p_2.png)
Here,
is the marginal cost.
is the change in total cost
is the change in quantity.
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