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Social Science Clinic => Economics => Microeconomics => Topic started by: skymedlock on May 24, 2019

Title: If we know the amount of total cost, average total cost, average variable cost, and marginal cost ...
Post by: skymedlock on May 24, 2019

If we know the amount of total cost, average total cost, average variable cost, and marginal cost for each level of output, how can we find the level of output where the marginal product is the greatest?
◦ It is the output for which the marginal cost equals average variable cost.
◦ It is the output for which the total cost is maximized.
◦ It is the output for which the marginal cost is minimized.
◦ It is the output for which the marginal cost equals average total cost.
◦ There is no way to find where marginal product is the greatest knowing only cost data.

Title: If we know the amount of total cost, average total cost, average variable cost, and marginal cost ...
Post by: Fayaz00962 on May 24, 2019

It is the output for which the marginal cost is minimized.