Marginal cost equalsSelect one:O a. the variable costs of the current unitproduced minus the variable cost of theprevious unit producedb. change in total costs divided by change inquantity producedO c. change in variable costs divided by changein quantity producedO d. all of the above A cheeseburger isSelect one:a. excludable and nonrival in consumption.b. nonexcludable and nonrival inconsumption.c. excludable and rival in consumption.O d. nonexcludable and rival in consumption.

Answered: Marginal cost equals Select one: O a.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

Marginal cost equals
Select one:
O a. the variable costs of the current unit
produced minus the variable cost of the
previous unit produced
b. change in total costs divided by change in
quantity produced
O c. change in variable costs divided by change
in quantity produced
O d. all of the above

A cheeseburger is
Select one:
a. excludable and nonrival in consumption.
b. nonexcludable and nonrival in
consumption.
c. excludable and rival in consumption.
O d. nonexcludable and rival in consumption.

Expert Solution

Step 1

Thank you for the question. According to Bartleby answering guidelines we only answer the first question in case of multiple questions. Llease post the second question again to get the answer.

The costs incurred by a company is can be fixed costs and variable costs. Fixed costs have to be paid irrespective of the quantity of output produced like rent of the factory etc. Variable costs depend on the quantity of output produced like raw materials used. Hence we have,

Total Cost = Total Fixed Cost + Total Variable Cost.

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions