The cost of producing an additional unit of output is the firm's?
a. Marginal cost.
b. Average total cost.
c. Variable cost.
d. Average variable cost.
Measuring Costs In Economics:
In receiving a benefit or return, the person will exchange or give up something. Costs are measured to make a proper evaluation. It is used in the computation of marginal cost, average total cost and average variable costs. Examples of costs are opportunity costs and payment to acquire a product.
Answer and Explanation: 1
- Answer: a. Marginal cost.
The marginal cost is the difference between the total cost of producing the previous units and the last units. The formula...
See full answer below.
Become a member and unlock all Study Answers
Start today. Try it nowCreate an account
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
fromChapter 3 / Lesson 12
What is marginal cost? Learn how to calculate marginal cost with the marginal cost formula. See the definition, behavior, and marginal cost examples.