Below is a table of data for a firm. Please use this table for this question, and the next two questions.

Table 1

Total Output

Total Cost

Marginal Cost

Average Cost

0

100

50

112

100

202

150

269

200

363

What is the marginal cost of producing a unit of output when the firm increases production from 150 to 200 units?

Please do not enter the dollar sign, i.e. Answer: $____ (1 mark).

Question

Below is a table of data for a firm. Please use this table for this question, and the next two questions.

Table 1

Total Output

Total Cost

Marginal Cost

Average Cost

0

100

50

112

100

202

150

269

200

363

What is the marginal cost of producing a unit of output when the firm increases production from 150 to 200 units?

Please do not enter the dollar sign, i.e. Answer: $____  (1 mark).

BlackTom AI · Accepted Answer

Begin by identifying the data points for total cost at the relevant outputs: at Q = 150, TC = 269; at Q = 200, TC = 363.

Step 1: Compute the change in total cost when output increases from 150 to 200 units. ΔTC = TC(200) − TC(150) = 363 − 269 = 94.

Step 2: Compute the change in quantity, ΔQ = 200 − 150 = 50.

Step 3: Marginal cost is the ratio of the change in total cost to the change in quantity: MC = ΔTC / ΔQ = 94 / 50.

Step 4: Perform the division to obtain the numeric value: 94 ÷ 50 = 1.88.

Result: The marginal cost of producing an additional unit when increasing output from 150 to 200 units is 1.88.

Notes: This uses the standard MC definition MC = ΔTC/ΔQ, assuming the provided total cost values are correct and that marginal cost is constant over the small interval between 150 and 200 units for the purpose of this calculation.

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Part 1In the figure, the marginal cost of the last unit produced by the profit maximizing firm is A. $15. B. $10. C. $5. D. $20. Part 1

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