Use the following to answer questions below:

-Refer to the graph of the short-run total cost and total variable cost curves. At approximately what level of output is marginal cost closest to its minimum value?
A) 2
B) 4
C) 8
D) 11

Question

Use the following to answer questions below:
 
-Refer to the graph of the short-run total cost and total variable cost curves. At approximately what level of output is marginal cost closest to its minimum value?
A) 2 
B) 4 
C) 8 
D) 11

Quizplus · Accepted Answer

Marginal cost reaches its minimum where the total cost curve begins to increase at an increasing rate, which is typically at the point where the total variable cost curve starts to steepen significantly. This occurs around the output level of 4.

Use the Following to Answer Questions Below