The table gives the cost of producing T-shirts. The total fixed cost is ______ and the marginal...
Question:
The table gives the cost of producing T-shirts.
| Output (T-shirts per hour) | Total cost (dollars) | Total variable cost (dollars) |
|---|---|---|
| 8 | 76 | 56 |
| 10 | 84 | 64 |
| 12 | 100 | 80 |
The total fixed cost is {eq}\_\_\_\_\_\_\_\_ {/eq} and the marginal cost of increasing production from 10 to 12 T-shirts is {eq}\_\_\_\_\_\_\_\_ {/eq}.
A. $20; $64
B. $20; $8
C. $56; $16
D. $8; $20
Total Cost and Marginal Cost:
Total Cost is the summation of variable cost and fixed cost in the short run. The marginal cost on the other hand shows the incremental cost of producing one additional unit of output.
Answer and Explanation: 1
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View this answerB. $20; $8
Reason:
| Output | Total Cost | Total Variable Cost | Total Fixed Cost | Marginal Cost |
|---|---|---|---|---|
| 8 | 76 | 56 | 20 | - |
| 10 | 84 | 64 | 20 | 4 |
| 12 | 100 | 80 | 20 | 8 |
Where,
Fixed...
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How Marginal Costs Differ from Average & Total Costs
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Chapter 4 / Lesson 9
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Marginal costs are the costs it takes to produce different amounts of a given product. Learn how to calculate marginal costs, total costs, and average costs, and the ways that these are used to determine an ideal price per unit of a good.
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