Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 19RQ: What shapes would you generally expect each of the following cost curves to have: fixed costs,...
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Question
Production costs of books are presented in the table below.
| Labor | Quantity | Fixed Cost | Variable Cost | Total Cost | Marginal Cost |
Average Total Cost |
|---|---|---|---|---|---|---|
| 0 | 0 | $80 | $0 | $80 | ||
| 1 | 10 | $80 | $30 | $110 | ||
| 2 | 26 | $80 | $60 | $140 | ||
| 3 | 46 | $80 | $90 | $170 | ||
| 4 | 65 | $80 | $120 | $200 | ||
| 5 | 78 | $80 | $150 | $230 |
Using the table above, find out the marginal cost of the 46th book produced, in dollars.
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