If a ﬁrm incurs a total cost of £874 when it produces 10 units of output and a total cost of £950 when it produces 11 units of output, its marginal cost of production is _____.

Name: If a ﬁrm incurs a total cost of £874 when it produces 10 units of output and a total cost of £950 when it produces 11 units of output, its marginal cost of production is _____.
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Question

Quizplus · Accepted Answer

The marginal cost is the change in total cost when one additional unit is produced. Here, it is £950 - £874 = £76.

If a ﬁRm Incurs a Total Cost of £874 When