When a firm produces 50,000 units of output, its total cost equals $6.5 million. When it increases its production to 70,000 units of output, its total cost increases to $9.4 million. Within this range, the marginal cost of an additional unit of output is

In her calculation of the cost of going to college, an economist would include the amount of forgone earnings over the years spent at college

a. True b. False Indicate whether the statement is true or false

Sensitivity analysis is restricted to natural sciences.

Answer the following statement true (T) or false (F)