Homework Answers
The correct option is D-is marginal product divided by change in total cost.
Marginal cost is defined as the cost of producing one more unit of a product.
Lets say we were producing x units products earlier. Now we are producing x+3. Earlier our cost was y, but now its y+30. Marginal product= x+3-x=3. Change in total cost=y+30-y=30.
Marginal cost=30/3=10.
And intuitively also we know that the per extra unit production cost is 10. Hence, option D.
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1a. Marginal cost is equal to the change in:
A. variable cost divided by the change in total output.
B. average total cost divided by the change in total output.
C. fixed cost divided by the change in total output.
D. average variable cost divided by the change in total
output.
(Figure: Determining Industry Cost Characteristics) Short-run
and long-run supply curves with short-run market equilibrium at
points A and B are shown in the graph. We can
conclude that the...
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e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
1a. Marginal cost is equal to the change in:
A. variable cost divided by the change in total output.
B. average total cost divided by the change in total output.
C. fixed cost divided by the change in total output.
D. average variable cost divided by the change in total
output.
(Figure: Determining Industry Cost Characteristics) Short-run
and long-run supply curves with short-run market equilibrium at
points A and B are shown in the graph. We can
conclude that the...
Fixed costs if sales and production output rises substantially. fall O do not change Question 8 The production costs of raw material and labor are properly called variable costs O total costs Omarginal costs Question 9 Computing the change in total costs between two levels of output and dividing that number by the corresponding change in output quantity gives us a numbe called: 0 T tal Average Cost OTotal Variable Cost Marginal Fixed Cost Manginal co e畚白 8% 3 4...
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