Exhibit 7-7 Cost schedule for a firm $$\begin{array} { | c | c | c | }
\hline \text { Quantity } & \text { Total Cost } & \text { Marginal Cost } \
\hline 0 & \$ 200 & \
1 & 900 & \
2 & & \$ 900 \
3 & 3,000 & \
\hline
\end{array}$$
-In Exhibit 7-7, by filling in the blanks it can be determined that the marginal cost of the first unit of output is:

Question

Exhibit 7-7 Cost schedule for a firm $$\begin{array} { | c | c | c | } 
\hline \text { Quantity } & \text { Total Cost } & \text { Marginal Cost } \
\hline 0 & \$ 200 & \
1 & 900 & \
2 & & \$ 900 \
3 & 3,000 & \
\hline
\end{array}$$
-In Exhibit 7-7, by filling in the blanks it can be determined that the marginal cost of the first unit of output is:

Quizplus · Accepted Answer

The marginal cost of the first unit is the change in total cost when output increases from 0 to 1 unit. Total cost increases from $200 to $900, so the marginal cost is $900 - $200 = $700.

Exhibit 7-7 Cost Schedule for a Firm -In Exhibit 7-7, by Filling in the Blanks It Can