Question 18 of 20 > Which statement is false? Macmillan Learning Marginal cost and marginal productivity are inversely related. A marginal cost curve will always intersect the average total cost curve at the minimum average total cost. Marginal cost is the change in a firm's total cost due to a one unit change in output. Costs that are small and unimportant with little impact on profits are called marginal costs. Consider the table. Output 0 1 2 3 4 5 6 7 8 9 10 Total cost 100 110 115 125 140 160 190 230 280 340 420 What is the marginal cost of the fifth unit based on the table? $160 $20 -$20 $0
Question 18 of 20 > Which statement is false? Macmillan Learning Marginal cost and marginal productivity are inversely related. A marginal cost curve will always intersect the average total cost curve at the minimum average total cost. Marginal cost is the change in a firm's total cost due to a one unit change in output. Costs that are small and unimportant with little impact on profits are called marginal costs. Consider the table. Output 0 1 2 3 4 5 6 7 8 9 10 Total cost 100 110 115 125 140 160 190 230 280 340 420 What is the marginal cost of the fifth unit based on the table? $160 $20 -$20 $0
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
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Transcribed Image Text:Question 18 of 20 >
Which statement is false?
Macmillan Learning
Marginal cost and marginal productivity are inversely related.
A marginal cost curve will always intersect the average total cost curve at the minimum average total cost.
Marginal cost is the change in a firm's total cost due to a one unit change in output.
Costs that are small and unimportant with little impact on profits are called marginal costs.
Consider the table.
Output
0
1
2
3
4
5
6
7
8
9
10
Total cost
100
110
115
125
140
160
190
230 280 340
420
What is the marginal cost of the fifth unit based on the table?
$160
$20
-$20
$0
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