Use the table below to answer the following questions.
Table 12.2.1

-Refer to Table 12.2.1, which gives the total revenue schedule and total cost schedule of a perfectly competitive firm. The marginal cost of increasing production from 4 units to 5 units is

Question

Use the table below to answer the following questions.
Table 12.2.1
 
-Refer to Table 12.2.1, which gives the total revenue schedule and total cost schedule of a perfectly competitive firm. The marginal cost of increasing production from 4 units to 5 units is

Quizplus · Accepted Answer

The marginal cost is the change in total cost when production is increased by one unit. If the total cost for 4 units is $100 and for 5 units is $116, the marginal cost is $116 - $100 = $16.

Use the Table Below to Answer the Following Questions