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At any quantity, when the marginal benefit equals the marginal cost, that quantity is said to be
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- What is marginal cost?Cassian is attending a football game at the University of Georgia. It's a hot and sunny day and he is really thirsty so he decides to buy a slushie. Each slushie cost $4 at the concession stand. What is the marginal cost of each slushie?9. Firm's Cost Schedule Jane's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Average Total Cost (Dollars) Quantity Variable Cost Total Cost Marginal Cost Average Variable Cost (Vats of juice) (Dollars) (Dollars) (Dollars) (Dollars) 30 1 35 2 15 45 3 30 60 4 50 80 5 75 105 6 105 135
- Jane's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Quantity (Vats of juice) (Dollars) Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) 30 1 10 40 25 55 3 45 75 4 70 100 5 100 130 135 165 AMAAAAWhat's the difference between Marginal Benefit and Marginal Cost?What is the difference between explicit and implicit costs in economics?
- Which of points A–E is the most efficient? Explain.Can we determine if point F is allocatively efficient? If so, is it allocatively efficient?The optimal level of production for any company is the level of production that either maximizes profits or minimizes losses. How does one determine the optimal level of production for any business?
- You have decided that you want to attend a costume party as Black Panther. You estimate that it will cost $40 to assemble your costume. After spending $40 on the costume, you realize that the additional pieces you need will cost you $25 more. What is the marginal cost of completing the costume (in dollars)?why is average product low for a goodWhy is having a business objective of increased economies of scale always desirable?