Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 22SQ
To determine
The marginal cost of the fourth unit.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
In the short run marginal cost crosses average total cost at the minimum of average total cost
True or False?
Fill in the blank and explain the choice of correct answer.
When the marginal product--------------------, the marginal cost---------
A) increases; increases.
B) increases; remain the same.
C) increases; dearases.
D) remains the same; increases.
At Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of scarves costs $53. What is Stacy's Marginal Cost of an extra hat?
Chapter 7 Solutions
Economics For Today
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQCh. 7 - Prob. 21SQCh. 7 - Prob. 22SQCh. 7 - Prob. 23SQCh. 7 - Prob. 24SQCh. 7 - Prob. 25SQ
Knowledge Booster
Similar questions
- In the short run, which cost is fixed and cannot be changed? a) Average cost b) Marginal cost c) Total cost d) Variable costarrow_forwardX and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5 dollars for each unit, Y= 4 dollars for each unit. Since Y costs less than X, can the firm keep produce the same output at a cheaper cost by using less of X and more of Y? Explain why or why not.arrow_forwardExplain every point with graph. 1. Economic and business cost . 2. Short run production analysis / law of variable proportion. 3. Short run cost analysis.arrow_forward
- What does fixed cost refer to in economics? a) Costs that vary with the level of production b) Costs that remain constant regardless of production level c) Variable expenses incurred in production d) Opportunity costs of productionarrow_forwardThe cost function of producing Q units of good: C(Q) = 4Q2 + 16Q + 40 Write down the average cost and marginal cost. Find the value of Q whichminimizes average cost? (Show necessary and sufficient conditons)arrow_forwardWhich of the following is an implicit cost to a firm that produces a good or service? A. Labor costsB. Costs of operating production machineryC. Foregone profits of producing a different good or serviceD. Costs of renting or buying land for a production sitearrow_forward
- You own a company that produces widgets. You currently produce 100 widgets; each widget sells for $100 and costs $80 to produce. At this production level, what are your total costs? A. TC = $80 B. TC = $8,000 C. TC = $20 D. TC = $2,000arrow_forwardThe cost function of producing Q units of good s.t: C(Q) = 4Q2 + 16Q + 40 Write down the average cost and marginal cost. Find the value of Q whichminimizes average cost? (Show necessary and sufficient conditons)arrow_forward3. Given that the marginal cost function of a company is 3. To produce 1 unit of goods, the company must spend a total cost of $ 6. From this function determine: A. Total Cost (TC) B. Variabel Cost (VC) C. Fixed Cost (FC) Please solve subparts A,B,C thank uarrow_forward
- Distinguish between explicit and implicit costs, giving examples of each. Why does the economist classify normal profit as a cost? Is economic profit a cost of production? Explain why or why not.arrow_forward[MUST SHOW WORK]Suppose Kim is running a digital start up company. She had total costs of $10,000 providing service to 2,000 customers last month. Her company charges $32 a month to provide its services. This month she is predicting 3,000 customers. Her company has economies of scale if Select one: A. average total costs are more than $5. B. total revenue is $96,000. C. marginal cost is less than $32. D. total costs are less than $15,000. E. the number of customers is increasing more each month. Clear my choice.arrow_forwardDiscuss the relationship between the three short-run total cost curves. Use a diagram to motivate your answerarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc