Consider the following chart. How much isthe marginal cost when total output increasesfrom 390 pounds to 450 pounds?Total OutputTotal CostMarginal Cost(Pounds)(TC = FC + VC)01501503002404503206003907504509004201050$1.50$2.25$2.00$2.50

To find the marginal cost when the total output increases from 390 pounds to 450 pounds, we need to…

Answered: Consider the following chart. How much…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A company manufactures a variety of camp stoves at different locations. The total cost C(x) (in dollars) of producing x camp stoves per week at plant A is shown in the figure. Discuss the graph of the marginal cost function C'(x) and interpret the graph of C'(x) in terms of the efficiency of the production process at this plant. C(x) $100,000 $50,000 500 1,000 Choose the correct answer below. A. The graph of y C'(x) shows that the marginal cost function is positive and decreasing. Since marginal costs are decreasing, the production process is becoming more efficient as production increases. B. The graph of y C'(x) shows that the marginal cost function is negative and decreasing. Since marginal costs are decreasing, the production process is becoming more efficient as production increases. C. The graph of y C'(x) shows that the marginal cost function is negative and increasing. Since marginal costs are increasing, the production process is becoming less efficient as production…

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Consider the following chart. How much is the marginal cost when total output increases from 390 pounds to 450 pounds? Total Output Total Cost Marginal Cost (Pounds) (TC = FC + VC) 0 150 150 300 240 450 320 600 390 750 450 900 420 1050 $1.50 $2.25 $2.00 $2.50