Table 11-7Quantity ofLanterns758090100115117120B) $32C) SI1.1Fixed Cost(dollars)200200200200200200200D) $8.1Variable Cost(dollars)17023081012641480Total Cost(dollars)3704301464Average TotalCost (dollars)Table 11-7 shows cost data for Lotus Lanterns, a producer of whimsical night lights.Refer to Table 11-7. What is the marginal cost per unit of production when the firm produces 100 lanterns?A) $4204.935.367.6711.812.5

Marginal Cost is the cost of producing an additional unit of output. Marginal Cost is the change in…

Table 11-7 Quantity of Lanterns 75 80 90 100 115 117 120 B) $32 C) SILI Fixed Cost Variable Cost (dollars) (dollars) 200 170 200 230 200 200 200 200 200 D) $8.1 810 1264 1480 Total Cost (dollars) 370 430 1464 Table 11-7 shows cost data for Lotus Lanterns, a producer of whimsical night lights. Refer to Table 11-7. What is the marginal cost per unit of production when the firm produces 100 lanterns? A) $420 Average Total Cost (dollars) 4,93 5.36 7.67 11.8 12.5

Table 11-7 Quantity of Lanterns 75 80 90 100 115 117 120 B) $32 C) SILI Fixed Cost Variable Cost (dollars) (dollars) 200 170 200 230 200 200 200 200 200 D) $8.1 810 1264 1480 Total Cost (dollars) 370 430 1464 Table 11-7 shows cost data for Lotus Lanterns, a producer of whimsical night lights. Refer to Table 11-7. What is the marginal cost per unit of production when the firm produces 100 lanterns? A) $420 Average Total Cost (dollars) 4,93 5.36 7.67 11.8 12.5

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 33CTQ: Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then...

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