What is the marginal cost of producing one additional unit if the total cost of

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Question: What is the marginal cost of producing one additional unit if the total cost of producing 100 units is $1,000 and the total cost of producing 101 units is $1,020?

Options:

Correct Answer: $20

Solution:

The marginal cost is the change in total cost divided by the change in quantity. Here, it is ($1,020 - $1,000) / (101 - 100) = $20.

What is the marginal cost of producing one additional unit if the total cost of

Practice Questions

What is the marginal cost of producing one additional unit if the total cost of producing 100 units is $1,000 and the total cost of producing 101 units is $1,020?

Questions & Step-by-Step Solutions

What is the marginal cost of producing one additional unit if the total cost of producing 100 units is $1,000 and the total cost of producing 101 units is $1,020?

Step 1: Identify the total cost of producing 100 units, which is $1,000.
Step 2: Identify the total cost of producing 101 units, which is $1,020.
Step 3: Calculate the change in total cost by subtracting the cost of 100 units from the cost of 101 units: $1,020 - $1,000.
Step 4: Perform the subtraction: $1,020 - $1,000 = $20.
Step 5: Identify the change in quantity, which is the difference between 101 units and 100 units: 101 - 100.
Step 6: Perform the subtraction: 101 - 100 = 1.
Step 7: Calculate the marginal cost by dividing the change in total cost by the change in quantity: $20 / 1.
Step 8: Perform the division: $20 / 1 = $20.

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What is the marginal cost of producing one additional unit if the total cost of

What’s inside this PDF?

What is the marginal cost of producing one additional unit if the total cost of

Practice Questions

Questions & Step-by-Step Solutions

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