If the total cost of producing 10 units equals $90, and the average total cost of producing 11 units equals $8.75, then the marginal cost of the eleventh unit produced:
a. is definitely greater than the marginal cost of producing the tenth unit.
b. is definitely less than the marginal cost of producing the tenth unit.
c. is less than the average total cost of producing ten units
d. is greater than the average total cost of producing ten units.
c
Economics
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Refer to Figure 4-3. What area represents producer surplus at P2?
A) A + B + D B) B + D + G C) B + C + D + E D) B + D
Economics
An economy may be operating at a point inside the production possibilities curve if: a. technological progress enables the economy to produce quantities of output otherwise unattainable. b. a substantial amount of labor is unemployed
c. a substantial amount of machinery is idle. d. either b. or c. occur.
Economics