Principles of Microeconomics
Principles of Microeconomics
A firm is producing 20 units with an average total cost of $25 and a marginal cost of $15. If it were to increase production to 21 units, which of the following must occur?
a. Marginal cost would decrease.
b. Marginal cost would increase.
c. Average total cost would decrease.
d. Average total cost would increase.
Option (c):
When the firm is producing 20 units, the average total cost is $25 and the marginal cost is $15. In this, if the firm’s production increases to 21, then the average total cost will decrease. Thus, option ‘c’ is correct.
Option (a):
Marginal cost will not decrease when marginal cost is $15 and if the firm increases its production from 20 to 21 units. Thus, option ‘a’ is incorrect...
Chapter 13 Solutions
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