Exhibit 24-8

-Refer to Exhibit 24-8.The marginal cost of the last unit produced at the profit-maximizing output level equals

Name: Exhibit 24-8 -Refer to Exhibit 24-8.The marginal cost of the last unit produced at the profit-maximizing output level equals
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Question

Exhibit 24-8
 
-Refer to Exhibit 24-8.The marginal cost of the last unit produced at the profit-maximizing output level equals

Quizplus · Accepted Answer

The profit-maximizing level of output is where marginal cost equals marginal revenue. From the exhibit, we can see that at the profit-maximizing output level, the marginal cost is $31. Therefore, the answer is B.

Exhibit 24-8 -Refer to Exhibit 24-8.The Marginal Cost of the Last Unit