Refer to the information provided in Table 8.3 below to answer ...

[Shelles]

Question 1

Refer to the information provided in Table 8.3 below to answer the question(s) that follow.

Refer to Table 8.3. The marginal cost of the fourth unit is ________ and the average total cost of four units is ________.

◦ $10; $30
◦ $20; $45
◦ $30; $35
◦ indeterminate from the given information

Question 2

Refer to the information provided in Table 8.3 below to answer the question(s) that follow.

Refer to Table 8.3. From the information in the given table

◦ the firm is in the long run.
◦ the firm eventually experiences diminishing returns to its variable input.
◦ the marginal cost curve intersects the average total cost curve between 3 and 4 units of output.
◦ the difference between total cost and total variable cost decreases as output increases.

[Briannahope]

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[Shelles]

Thanks for the timely response, appreciate it

[mjenn52]

TYSM