The table shows the costs that a firm faces when producing corn in a perfectly competitive...

Question

Question

The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the follo

business economics

Answer 1

Answer #1

Marginal cost is the additional cost incurred by producing one additional unit of goods or services.

Marginal cost = (Change in TC / Change in Quantity)

MC of making the 9th bushel of corn = (117 - 92)/(9 - 8) = 25

Answer: $25

Answer 2

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