The following is a table of the total cost (TC) of producing output Q for a particular firm. Based on this information, which of the following statements is correct? Q TC (X) 10 140 20 210 30 265 40 310 50 340 60 420 O&The marginal cost is higher than the average cost at Q = 50. Ob. The marginal cost at Q-80 is £9.50. Oc The average cost at Q-40 is £7. Od. The marginal cost curve intersects the average cost curve at Q = 60. 70 60 570 90 640 100
The following is a table of the total cost (TC) of producing output Q for a particular firm. Based on this information, which of the following statements is correct? Q TC (X) 10 140 20 210 30 265 40 310 50 340 60 420 O&The marginal cost is higher than the average cost at Q = 50. Ob. The marginal cost at Q-80 is £9.50. Oc The average cost at Q-40 is £7. Od. The marginal cost curve intersects the average cost curve at Q = 60. 70 60 570 90 640 100
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
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