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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

On the basis of your answer to question 17, does MC change if TC changes?

To determine

Explain whether the marginal cost changes if total cost changes.

Explanation

Marginal cost changes if there is changes in variable cost instead of fixed cost.

Total cost:

Total cost can be calculated by using the following formula:

Total cost=Total fixed cost+Total variable cost

If the total fixed cost is $1,000 and the total variable cost is $15, then the total cost can be calculated by using the equation (1) as follows:

Total cost=Total fixed cost+Total variable cost=1,000+15=1,015

Thus, the value of total cost is $1,015.

Marginal cost:

Marginal cost can be calculated by using the following formula:

Marginal cost=Total cost1Total cost0Quantity1

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