5 Exhibit 6-10 Short-run cost schedule for book publisher's hourly productionTotalTotalOutputVariable Cost0 cases of books234$0100150250450TotalCost$200300350450650In Exhibit 6-10, the marginal cost of increasing production from 2 to 3 cases of books is:O a. lower than the marginal cost of increasing production from 1 to 2 cases of books, so the marginal cost must be greater thanaverage total cost between 2 and 3 cases.O b. lower than the marginal cost of increasing production from 1 to 2 cases of books, so the average total cost must be rising inbetween 2 and 3 cases.Oc higher than the marginal cost of increasing production from 1 to 2 cases of books, so the average total cost must be rising inbetween 2 and 3 cases.O d. higher than the marginal cost of increasing production from 1 to 2 cases of books, so the marginal cost curve must be rising inbetween 2 and 3 cases.

Marginal cost (MC) measures the change in the change in total cost due to a change in quantity. MC =…

Total Output 0 cases of books 1 2 3 4 Total Variable Cost $0 100 150 250 450 Total Cost $200 300 350 450 650 In Exhibit 6-10, the marginal cost of increasing production from 2 to 3 cases of books is: O a. lower than the marginal cost of increasing production from 1 to 2 cases of books, so the marginal cost must average total cost between 2 and 3 cases.

Total Output 0 cases of books 1 2 3 4 Total Variable Cost $0 100 150 250 450 Total Cost $200 300 350 450 650 In Exhibit 6-10, the marginal cost of increasing production from 2 to 3 cases of books is: O a. lower than the marginal cost of increasing production from 1 to 2 cases of books, so the marginal cost must average total cost between 2 and 3 cases.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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