Use the following to answer questions: Table: Barrels of Oil 2
-(Table: Barrels of Oil 2) Refer to the table. What is the marginal cost of producing the seventh barrel of oil?
A) 36
B) 50
C) 90
D) 126

Question

Use the following to answer questions: Table: Barrels of Oil 2 
-(Table: Barrels of Oil 2) Refer to the table. What is the marginal cost of producing the seventh barrel of oil?
A) 36 
B) 50 
C) 90 
D) 126

Quizplus · Accepted Answer

The marginal cost of producing the seventh barrel of oil is the difference between the total cost of producing seven barrels of oil and the total cost of producing six barrels of oil. From the table, we can see that the total cost of producing seven barrels of oil is $126 and the total cost of producing six barrels of oil is $90. Therefore, the marginal cost of producing the seventh barrel of oil is $126 - $90 = $36.

Use the Following to Answer Questions: Table: Barrels of Oil