Given the table below, what is the marginal cost of the 300th unit of output?Output100TotalCostTotal Total AverageFixed Variable FixedAverage AverageVariableTotalMarginalCostCostCostCostCostCost560602004.003004.004007.00$0.14$2.40$4.00$7.40none of these are correct.

The Total Cost is made up of two components, Total Fixed Cost and the Total Variable Cost. Total…

Answered: Given the table below, what is the…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 2CQ

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Given the table below, what is the marginal cost of the 300th unit of output? Output 100 Total Cost Total Total Average Fixed Variable Fixed Average Average Variable Total Marginal Cost Cost Cost Cost Cost Cost 560 60 200 4.00 300 4.00 400 7.00 $0.14 $2.40 $4.00 $7.40 none of these are correct.