Exhibit 21-11

-Refer to Exhibit 21-11. Marginal cost of the first unit of output is

Name: Exhibit 21-11 -Refer to Exhibit 21-11. Marginal cost of the first unit of output is
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Question

Exhibit 21-11
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-Refer to Exhibit 21-11. Marginal cost of the first unit of output is

Quizplus · Accepted Answer

The marginal cost of the first unit of output is the change in total cost when the first unit is produced. From the exhibit, the total cost of producing 0 units is $100, and the total cost of producing 1 unit is $170. Therefore, the marginal cost of the first unit is $170 - $100 = $70.

Exhibit 21-11 ​

Exhibit 21-11