The image contains a table and a multiple-choice question related to the marginal cost of an activity. Below is a transcription suitable for an educational website:**Refer to the accompanying table below. The marginal cost of the 3rd unit of this activity is:**| Units of Activity | Total Cost | Total Benefit ||-------------------|------------|---------------|| 0 | $0 | $0 || 1 | $30 | $100 || 2 | $40 | $160 || 3 | $60 | $190 || 4 | $100 | $210 || 5 | $150 | $220 || 6 | $210 | $225 |**Multiple Choice:**- ( ) $25- ( ) $20**Explanation of the Table:**- **Units of Activity**: Represents the number of units for a certain activity.- **Total Cost**: The cumulative cost associated with each level of activity.- **Total Benefit**: The cumulative benefit received from each level of activity.The question asks for the marginal cost of the 3rd unit, which is the difference in total cost between the 3rd and 2nd units. Here, the cost increases from $40 (for 2 units) to $60 (for 3 units), resulting in a marginal cost of $20 for the third unit.

Marginal cost refers to an increase in total cost because of one more unit of output.

Answered: Refer to the accompanying table below.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I already filled out the table, but I don't understand how to answer 3. a, b, and c.
A cost that changes with the level of production is called a(n)____cost a.variable b.average total c.marginal b.fixed
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a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) Total cost ($) Marginal cost ($) 0 0 100 1 60 160 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100 b. Calculate AVariable cost/AQuantity. Quantity Variable cost ($) AVariable cost Total cost ($) ($)/ AQuantity 0 0 100 1 60 160 100 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…
Use the graph from class to find 1. Marginal Cost at 100; 2. Total Cost at 100; 3. Variable Cost at 100; 4. Fixed Cost at 100. Construct your own graphs similar to the ones from class. Use your diagram to show . 5. Whether or not reducing the quantity produced will always reduce the total cost. 6. Whether or not reducing the quantity produced will always reduce the average total cost. 7. Whether or not reducing the quantity produced will always reduce the marginal cost. 59 30 10- 5 MC ATC AVC 100 0
Chris The use of fixed cost items to magnify the firm's results Correct! What are some uses for break-even analysis? Select all that apply, then click Submit below To see how much the changes in cost affect variable costs. To see how much the changes in volume affect cost and profit. To determine the magnitude of operations necessary to avoid loss. To figure out the most efficient level of fixed costs for the firm. To figure out the most inefficient way to make profit. To figure out the operating leverage. Submit
In economics, what is the term for the highest-valued alternative that must be sacrificed when making a decision? A. Marginal cost B. Opportunity cost C. Sunk cost D. Average cost

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Refer to the accompanying table below. The marginal cost of the 3'd unit of this activity is: Units of Activity Total Cost Total Benefit $0 $0 1 $30 $100 $40 $160 3. $60 $190 4. $100 $210 $150 $220 6. $210 $225 2. 5.