10. The Costs of Production
The Relationship Between Average Cost and Marginal Cost
Multiple Choice
Multiple ChoiceA firm is producing 1,500 units at a total cost of $15,000. If it were to increase production to 1,501 units, its total cost would rise to $15,012. Which of the following is true?
A
Marginal cost is $10 and average variable cost is $12
B
Marginal cost is $12 and average variable cost is $10
C
Marginal cost is $10 and average total cost is $12
D
Marginal cost is $12 and average total cost is $10
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