Marginal cost equal: a. the variable cost of the additional unit of production minus the variable cost of the previous unit produced. b. the change in variable costs divided by the change in output. c. the change in total cost divided by the change in ou

Question:

Marginal cost equal:

a. the variable cost of the additional unit of production minus the variable cost of the previous unit produced.

b. the change in variable costs divided by the change in output.

c. the change in total cost divided by the change in output.

d. All of the above.

What Are Total Cost:

A company's Total Cost is a very important figure since it is ultimately what is subtracted from revenue to determine profitability. The Total Cost of a company usually has two components: Fixed costs, which remain stable, and variable costs, which vary based on output.

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Total Cost in Economics: Definition & Formula

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Chapter 3 / Lesson 16

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What is total cost in economics? Learn how to calculate total cost using the total cost formula. See the definitions of total fixed cost and total variable cost.

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Total cost divided by the quantity of output produced is: a. marginal cost. b. average total cost. c. average product. d. average fixed cost.
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Average variable cost equals all of the following except: A. variable cost times output. B. average total cost minus average fixed cost. C. variable cost divided by output. D. (total cost minus fixed cost) divided by output.
The is always U-shaped. a. explicit costs b. implicit costs c. fixed cost d. variable cost e. average fixed cost f. average total cost g. marginal cost h. diminishing marginal product of labor i. increasing marginal product of labor
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A firm is producing 20 units with an average total cost of $25 and a marginal cost of $15. If it were to increase production to 21 units, which of the following must occur? a. Marginal cost would decrease. b. Marginal cost would increase. c. Average total

Marginal cost equal: a. the variable cost of the additional unit of production minus the variable...

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What Are Total Cost:

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