Refer to Table 21.5: Table 21.5
$\begin{array} { | c | c | c | c | c | c | }
\hline \mathrm { Q } & \mathrm { TFC } & \mathrm { TVC } & \mathrm { TC } & \text { AVC } & \text { MC } \
\hline 0 & & & 15 & - & - \
\hline 1 & & & 23 & & \
\hline 2 & & & & & 4 \
\hline 3 & & 15 & & & \
\hline
\end{array}$ The marginal cost of the third unit of output in Table 21.5 is

Question

Refer to Table 21.5: Table 21.5
$\begin{array} { | c | c | c | c | c | c | } 
\hline \mathrm { Q } & \mathrm { TFC } & \mathrm { TVC } & \mathrm { TC } & \text { AVC } & \text { MC } \
\hline 0 & & & 15 & - & - \
\hline 1 & & & 23 & & \
\hline 2 & & & & & 4 \
\hline 3 & & 15 & & & \
\hline
\end{array}$ The marginal cost of the third unit of output in Table 21.5 is

Quizplus · Accepted Answer

Marginal cost (MC) is the change in total cost (TC) that arises when the quantity produced (Q) is increased by one unit. From the table, the total cost for producing 2 units is not directly given, but we can infer the MC for the third unit by looking at the change in total cost between producing 2 and 3 units. Since the total cost for producing 3 units is not directly provided, but we know the total variable cost (TVC) at 3 units is 15 and the total cost (TC) at 0 units (which represents the total fixed cost, TFC) is 15, we cannot directly calculate the MC for the third unit without additional information. However, the correct approach to find MC involves calculating the difference in TC for consecutive units of output, which we cannot accurately do with the given incomplete data. The answer provided assumes a specific interpretation or additional information not present in the question as it stands.

Refer to Table 21 The Marginal Cost of the Third Unit of Output in |