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Social Science Clinic => Economics => Topic started by: burchfield96 on Apr 19, 2019

Title: If the average variable cost of the fifth hat is $50, then the total variable cost of five hats is
Post by: burchfield96 on Apr 19, 2019

Question 1

If a firm's total costs are $100 when 10 units of output are produced and $105 when 11 units of output are produced, the marginal cost of the 11th unit is

◦ $1.
◦ $3.
◦ $5.
◦ $9.36.

Question 2

If the average variable cost of the fifth hat is $50, then the total variable cost of five hats is

◦ $10.
◦ $250.
◦ $1800.
◦ indeterminate from this information.

Title: If the average variable cost of the fifth hat is $50, then the total variable cost of five hats is
Post by: mistyjohnson on Apr 19, 2019

Answer 1

$5.

Answer 2

$250.