Homework Answers
Answer A is correct.
Definition of Marginal cost is -: Marginal cost is the change in total cost from producing one more unit output.
Answer A is correct.
The marginal cost curve often decrease at first and then statrts to increase. this is explained by the law of diminishing returns.
Marginal cost for 3rd unit is $20. where n=3 TCn = 65 , TC(n-1) = 45
MCn = TCn - TC(n-1) , using this formula
= 65 - 45
MCn = $20
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