The relationship between the marginal cost and the marginal product.

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Chapter 8, Problem 2.11P

To determine

The relationship between the marginal cost and the marginal product.

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Which of the following statements is right? The marginal cost curve is the inverse shape of the marginal product curve. The marginal cost increases as the marginal product increases. The marginal cost curve intersects the ATC curve at its highest point. When the marginal cost of producing another unit is less than the ATC curve, producing an extra unit increases the ATC.

Use the cost table below to find the following marginal costs. Output quantity Total variable Total fixed Total cost cost cost 20 80 60 140 40 140 60 200 60 210 60 270 80 300 60 360 100 420 60 480 120 600 60 660 140 840 60 900 What is the marginal cost when output is 20? $ What is the marginal cost when output is 80? $ What is the marginal cost when output is 120? $ |

What is the marginal cost at 120 units of output?