If the total cost of producing three units of output is $2,621 and the total cost of producing four units of output is $3,109 then the marginal cost of the fourth unit is $? Please enter your response as an integer.
If the total cost of producing three units of output is $2,621 and the total cost...
If the total cost of producing three units of output is $2,621 and the total cost of producing four units of output is $3,109 then the marginal cost of the fourth unit is? Please enter your response as an integer.
How can marginal cost be expressed mathematically? Marginal cost (MC) can be expressed as MC = " where AC is average cost and is output. TC - FC, where TC is total cost and FC is fixed cost. A where TC is total cost and Q is output 10 where FC is fixed cost and is output MC where TC is total cost and is output For example, if the total cost of producing three units of output is $2,639...
A firm is producing 4 units of output at an average total cost of $45. When the firm produces 5 units of output, average total cost rises to $50. What is the marginal cost of the fifth unit of output? $10 $25 $45 $70
A firm is producing 4 units of output at an average total cost of $50. When the firm produces 5 units of output, average total cost falls to $45. What is the marginal cost of the fifth unit of output? A. $10 B. $25 C. $45 D. $70
Problem3 In the short run, a firm's total costs of producing 5 units of output equal $95. If it produces 6 units its total costs will increase to $117.88. See pages 491-497 a. What is the marginal cost of the 6th unit of output? b. What is the firm's average total cost of producing 5 units? c. What is the firm's average total cost of producing 6 units? d) How is it that the average cost is increasing? Please explain.
Marginal cost is defined as: the change in total costs from producing one more unit of output. the change in fixed cost from producing one more unit of output. total cost divided by total output. total variable cost divided by total output. The marginal cost curve often decreases at first and then starts to increase. This is explained by: the law of diminishing returns. economies of scale. increasing ATC. From the information given in the following table, calculate the marginal...
For the cost function C(Q) = 100 + 15Q the total cost of producing 5 units of output is 75 and the marginal cost of the sixth unit is 15 175 and the marginal cost of the sixth unit is 15 75 and the marginal cost of the sixth unit is 100 none of these answers are correct
The total cost of producing Q units of output to a monopolist is TC(Q) = 2Q2. The market demand is given byQ= 10−2P. (a) What are the total revenue and marginal revenue functions (b) What price should the monopolist set to maximize its profit? Illustrate your answer on a graph.
The following is a total cost curve. 1000, Total cost ($) 0 50 100 150 200 250 300 350 Quantity (9) On the diagram to the right, sketch the corresponding marginal cost curve. Marginal cost per unit ($) Using the multipoint curved line drawing tool, draw the firm's marginal cost curve. Label this curve 'MC'. Note: Use the multipoint curved line drawing tool one time to draw the entire curve. If the price of output is $3.00 and there are...
A firm produces a product in a competitive industry and has a total cost function (TC) of TC(a) 60+4q+2q2 and a marginal cost function (MC) of MC(q) = 4 + 4q. At the given market price (P) of $20, the firm is producing 4.00 units of output. Is the firm maximizing profit?V What quantity of output should the firm produce in the long run? The firm should produce unit(s) of output. (Enter your response as an integer.)