A quantity of 7 units total costs $194 and a quantity of 8 units total costs...
Homework Answers
Answer
Marginal Cost = Change in in Total Cost / Change in Quantity
When Quantity = 8 , Total cost = 208 and When Quantity = 7 , Total cost = 194
=> Marginal Cost = (208 - 194)/(8 - 7) = 14
Hence, the marginal cost for 8 units is $14.
Marginal Cost is defined as the additional cost incurred in order to produce one additional unit of output.
Note:
We can also say that MC(n) = TC(n) - TC(n - 1)
where MC(n) = Marginal cost of producing nth unit and TC(n) = Total cost of producing n units
the marginal cost for 8 units = MC(*) = TC(8) - TC(7) = 208 - 194 = $14
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quantity of 7 units total costs $194 and a quantity of 8 units
total costs...
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