Question 22
MediumOriginal questionA firm's short-run total cost schedule is given.
| Output (units) | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|---|
| Total cost (₹) | 60 | 90 | 110 | 126 | 140 | 160 | 192 | 242 |
What is the marginal cost of the 3rd unit?
Show the answer and explanation
CorrectNot quiteAnswer A
Correct answer: A
Explanation
MC₃ = TC₃ − TC₂ = 126 − 110 = ₹16.
Worth noting
₹42 is the AC at 3 units; ₹22 is the AVC.
- Concept
- MC from a TC schedule
- Typical timeTypical
- 70 s
- Your timeYours
- —
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