q | TVC | MC = Change in TVC |
0 | 0 | - |
1 | 20 | 20-0 = 20 |
2 | 40 | 40-20 = 20 |
3 | 70 | 70-40 = 30 |
4 | 110 | 110-70 = 40 |
5 | 170 | 170-110 = 60 |
6 | 250 | 250-170 = 80 |
Marginal cost, MC = Change in Total cost/Change in q = Change in TVC/Change in q = Change in TVC (As change in q = 1 here)
A competitive firm produces that much output where Price = MC
The firm will produce 3 units of output because this is where price equals marginal cost.
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