### Cost Analysis Table for Firm Production#### Table DescriptionThe table provided below outlines costs incurred by a firm as it increases production quantities. The costs are detailed in dollars, with certain fields left blank for completion based on the given information.#### Incomplete Cost Table| Quantity | Total Cost | Marginal Cost | Average Variable Cost | Average Total Cost ||----------|------------|---------------|-----------------------|--------------------|| 0 | | | | || 1 | 45 | | 10 | || 2 | | 8 | | || 3 | 59 | | | || 4 | | | | 16 |#### QuestionIn dollars, what is this firm's marginal cost of producing its fourth unit of output?#### Explanation**Quantity**: Represents the number of units of output produced.**Total Cost**: The aggregate cost incurred to produce that quantity of output.**Marginal Cost**: The addition to total cost resulting from producing one more unit of output.**Average Variable Cost**: The variable cost per unit of output.**Average Total Cost**: The total cost per unit of output.To answer the question and find the marginal cost of producing the fourth unit of output, you would need to calculate the change in Total Cost as quantity increases from 3 to 4. The formula to be used is:\[ \text{Marginal Cost} = \frac{\Delta \text{Total Cost}}{\Delta \text{Quantity}} \]Assuming the total cost for 3 units is $59, you need the total cost for 4 units to apply the formula. If given, the total cost data would be directly utilized to calculate the marginal cost.

Marginal cost is the cost incurred in making or procuring an additional unit of output. For…

The following incomplete table describes the costs faced by a firm as it produces an increasing quantity of output. All costs are in dollars. Many cells are left blank and you may need to fill some of them in to answer the question: Average Average Total Quantity Total Cost Marginal Cost Variable Cost Cost 1 45 10 8 3 59 4 16 In dollars, what is this firm's marginal cost of producing its fourth unit of output? 2.

The following incomplete table describes the costs faced by a firm as it produces an increasing quantity of output. All costs are in dollars. Many cells are left blank and you may need to fill some of them in to answer the question: Average Average Total Quantity Total Cost Marginal Cost Variable Cost Cost 1 45 10 8 3 59 4 16 In dollars, what is this firm's marginal cost of producing its fourth unit of output? 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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