Answer the question based on the following Information for a public good. Pa and Poare the prices that Individuals A and B are willing to pay for the last unit of a public good, rather than do without It. These people are the only two members of soclety. Pa Pb $ 5 $3 2 3 3 1 If the marginal cost of producing this good at the optimal quantity is $1, the optimal quantity must be Multiple Cholce 4 units 1 unit. 5 units. 2 units. 3 units. O O O O O

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.