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Marginal cost tells us the:

a. change in the total cost due to production of an additional unit of the output

b. change in total cost due to reducing the production by half

c. change in average total cost due to production of an additional unit of the output

d. None of the above

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Yusra Anees
Yusra AneesLv10
29 Mar 2021
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Related questions

1. Marginal cost may be defined as

a. the change in average total cost that results from producing one more unit of output

b. the change in average variable cost that results from producing one more unit of output.

c. the change in total cost that results from producing one more unit of output.

d. the rate of change in total fixed cost that results from producing one more unit of output.

Ā 

2. If fixed cost is $5,000, and, at an output of 3 variable costs is $4,000, how much is the average total cost at an output of 3?

a. $1,333.33

b. $3000.00

c. $4500.00

d. $9000.00

Ā 

3. A production function shows a firm how to _____________.

a. maximize profits

b. maximize output

c. minimize losses

d. minimize output

The change in total output associated with one additional unit of input is the:

A. Opportunity cost of the output.

B. Average productivity.

C. Marginal physical product.

D. Marginal cost.

Ā 

20. Diminishing marginal returns in a frozen pizza company means that: a. hiring additional workers cause the total output of pizza to fall. b. hiring additional workers does not change the total output of pizza produced. c. hiring additional workers adds fewer and fewer pizzas to total output. d. the average ivial cost of production must be uecreasing

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