Use the following table for the next 3 questions. Total fixed cost Total variable cost Quantity $0 $800 $800 $50 1 $800 $100 $800 $150 3 $800 4 $200 What is the marginal cost of the third unit? A. $0 6. B. $50 C. $150 D. $250 What is the average total cost at the quantity of 4? A. $100 7. B. $150 $200 C. D. $250 From the information in the table above, is the marginal product diminishing? A. Yes, because total cost is increasing as quantity increases. Yes, because total variable cost is increasing as quantity increases. C. No, because the marginal cost is not increasing as quantity increases. D. No, because the total fixed cost is not increasing as quantity increases. 8. B.
Use the following table for the next 3 questions. Total fixed cost Total variable cost Quantity $0 $800 $800 $50 1 $800 $100 $800 $150 3 $800 4 $200 What is the marginal cost of the third unit? A. $0 6. B. $50 C. $150 D. $250 What is the average total cost at the quantity of 4? A. $100 7. B. $150 $200 C. D. $250 From the information in the table above, is the marginal product diminishing? A. Yes, because total cost is increasing as quantity increases. Yes, because total variable cost is increasing as quantity increases. C. No, because the marginal cost is not increasing as quantity increases. D. No, because the total fixed cost is not increasing as quantity increases. 8. B.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
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Please help me to answer Q8
Transcribed Image Text:Use the following table for the next 3 questions.
Total fixed cost
Total variable cost
Quantity
$0
$800
$800
$50
1
$800
$100
$800
$150
3
$800
4
$200
What is the marginal cost of the third unit?
A. $0
6.
B. $50
C. $150
D.
$250
What is the average total cost at the quantity of 4?
A. $100
7.
B.
$150
$200
C.
D.
$250
From the information in the table above, is the marginal product diminishing?
A. Yes, because total cost is increasing as quantity increases.
Yes, because total variable cost is increasing as quantity increases.
C. No, because the marginal cost is not increasing as quantity increases.
D. No, because the total fixed cost is not increasing as quantity increases.
8.
B.
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