Marginal cost is average variable cost when O a. equal to; average variable cost is minimized. O b. greater than; average fixed cost minimized O c. equal to; average total cost is minimized O d. less than; total cost is maximized If Mark produces five pairs of earrings, his total costs are Number of TVC MC AVC TFC TC Earnings 100 1 50 2 3 46.67 4 300 5 270 O a. $320. O b. $370. O c. $400. O d. $360.
Marginal cost is average variable cost when O a. equal to; average variable cost is minimized. O b. greater than; average fixed cost minimized O c. equal to; average total cost is minimized O d. less than; total cost is maximized If Mark produces five pairs of earrings, his total costs are Number of TVC MC AVC TFC TC Earnings 100 1 50 2 3 46.67 4 300 5 270 O a. $320. O b. $370. O c. $400. O d. $360.
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 40P: Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from...
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![Marginal cost is
average variable cost when
O a. equal to; average variable cost is minimized.
O b. greater than; average fixed cost is minimized
O c. equal to; average total cost is minimized
O d. less than; total cost is maximized
If Mark produces five pairs of earrings, his total costs are
Number of
TVC
MC
AVC
TFC
TC
Earnings
100
1
50
2
3
46.67
4
300
5
270
O a. $320.
O b. $370.
O c. $400.
O d. $360.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2abd1cdc-ee4f-4da0-a2ac-96a52c2f0c72%2Fccc5917d-a027-4244-a3b1-d4afd885cccf%2Fdxkdn84_processed.png&w=3840&q=75)
Transcribed Image Text:Marginal cost is
average variable cost when
O a. equal to; average variable cost is minimized.
O b. greater than; average fixed cost is minimized
O c. equal to; average total cost is minimized
O d. less than; total cost is maximized
If Mark produces five pairs of earrings, his total costs are
Number of
TVC
MC
AVC
TFC
TC
Earnings
100
1
50
2
3
46.67
4
300
5
270
O a. $320.
O b. $370.
O c. $400.
O d. $360.
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