Principles of Microeconomics
Principles of Microeconomics
A firm is producing 1,000 units at a total cost of $5,000. If it were to increase production to 1,001 units, its total cost would rise to $5,008.
What does this information tell you about the firm?
a. Marginal cost is $5, and average variable cost is $8.
b. Marginal cost is $8, and average variable cost is $5.
c. Marginal cost is $5, and average total cost is $8.
d. Marginal cost is $8, and average total cost is $5.
Option (d):
When the firm is producing 1,000 units at a total cost of $5,000, then it increases the production to 1,001 at a total cost of 5,008. Then the marginal cost can be calculated as follows:
Thus, marginal cost is $8
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