Question
The following is a table of the total cost (TC) of producing output Q for a...
The following is a table of the total cost (TC) of producing output Q for a particular firm. Based on this information, which of the following statements is correct?
Q 10 20 30 40 50 60 70 80 90 100
TC ($) 140 210 265 310 360 420 490 570 660 760
A.The average cost at Q = 40 is $7.
B.The marginal cost at Q = 80 is $9.50.
C.The marginal cost is higher than the average cost at Q = 50.
D.The marginal cost curve intersects the average cost curve at Q = 60.
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Answer #1
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