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he marginal cost of producing one more unit at a given quantity can be inferred by

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The marginal cost of producing one more unit at a given quantity can be inferred by

Expert Solution

Step 1

The marginal cost is the additional cost incurred due to production of one extra unit of output.

The firm generally faces U shaped marginal cost cost to law of diminising returns to the scale.

The marginal cost cuts the average cost at its minimum.

The point at which marginal cost cut average cost is the point of efficiency.

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