Use the table below to answer the following questions.
Table 11.2.1
-Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal cost of increasing production from 4 units to 5 units is

Question

Use the table below to answer the following questions.
Table 11.2.1 
-Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal cost of increasing production from 4 units to 5 units is

Quizplus · Accepted Answer

The marginal cost (MC) is the change in total cost (TC) when production is increased by one unit. From the production of 4 units to 5 units, if the total cost increases by $16, then the marginal cost of producing that additional unit is $16.

Use the Table Below to Answer the Following Questions