MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
Question
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Chapter 12, Problem 1QAP

(a)

To determine

Explain how a firm’s true costs are revealed.

(b)

To determine

Explain the optimal method of finding out costs.

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Consider the following chart. How much is the marginal cost when total output increases from 390 pounds to 450 pounds? Total Output Total Cost Marginal Cost (Pounds) (TC = FC + VC) 0 150 150 300 240 450 320 600 390 750 450 900 420 1050 $1.50 $2.25 $2.00 $2.50
2. If c=3q-3q2+q3is a cost function, when is marginal cost decreasing?
Use the information in the graph to find the values for the following costs at an output level of 500. Total fixed cost is $(Enter your response as an integer.) Total variable cost is $(Enter your response as an integer.) Total cost is $(Enter your response as an integer.) 3 €500 Units of output MC G ATC AVC
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