Use the following table for the next 3 questions. Total fixed cost Total variable cost Quantity $0 $800 $800 $50 1 $800 $100 $800 $150 3 $800 4 $200 What is the marginal cost of the third unit? A. $0 6. B. $50 C. $150 D. $250 What is the average total cost at the quantity of 4? A. $100 7. B. $150 $200 C. D. $250 From the information in the table above, is the marginal product diminishing? A. Yes, because total cost is increasing as quantity increases. Yes, because total variable cost is increasing as quantity increases. C. No, because the marginal cost is not increasing as quantity increases. D. No, because the total fixed cost is not increasing as quantity increases. 8. B.

Use the following table for the next 3 questions. Total fixed cost Total variable cost Quantity $0 $800 $800 $50 1 $800 $100 $800 $150 3 $800 4 $200 What is the marginal cost of the third unit? A. $0 6. B. $50 C. $150 D. $250 What is the average total cost at the quantity of 4? A. $100 7. B. $150 $200 C. D. $250 From the information in the table above, is the marginal product diminishing? A. Yes, because total cost is increasing as quantity increases. Yes, because total variable cost is increasing as quantity increases. C. No, because the marginal cost is not increasing as quantity increases. D. No, because the total fixed cost is not increasing as quantity increases. 8. B.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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