What is the relationship between total variable cost and marginal cost? Explain
What will be an ideal response?
Marginal cost is the slope of the total variable cost curve. This is true because the slope of the total variable cost curve is the change in total variable cost divided by the change in output. By definition, this is equal to marginal cost.
Economics
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You hire a set of economic consultants and they tell you the following: At a price of $7, 24 units of the good could be sold; at a price of $6, 29 units of output could be sold. You know then that the firm's total revenue at a price of $7 would equal
a. $174 b. $14 c. $6 d. $168 e. $342
Economics
The United States can reduce its trade deficit by limiting imports through tariffs
a. True b. False Indicate whether the statement is true or false
Economics