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Author Question: In the above figure, the total cost curve is curve A) A. B) B. C) C. D) none of the curves in ... (Read 68 times)

burchfield96

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on: Jun 29, 2018
In the above figure, the total cost curve is curve
 
  A) A.
  B) B.
  C) C.
  D) none of the curves in the figure.

Question 2

What is the marginal cost of a good?
 
  What will be an ideal response?


sabina576

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

The marginal cost of a good is the opportunity cost of producing one more unit of it. The key is that the marginal cost refers to the cost of one additional unit, not to the total cost of producing all the units.


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