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…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 32CTQ: How does fixed cost affect marginal cost? Why is this relationship important?

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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.