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 third 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 third unit of output is:

Quizplus · Accepted Answer

The marginal cost of the third unit is calculated by subtracting the total cost of producing two units from the total cost of producing three units: $3,000 - 900 = 2,100$. However, since the marginal cost of the second unit is given as $900, the total cost for two units is $900 + $900 = $1,800. Therefore, the marginal cost of the third unit is $3,000 - 1,800 = 1,200$.

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