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ECS1501-25-Y Topics 12 -15
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Use the data in the following table to answer the question.
Output (Units) | Total cost (R) |
0 | 100 |
1 | 110 |
2 | 130 |
3 | 166 |
4 | 220 |
5 | 300 |
The marginal cost of the second unit is
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Use the data in the following table to answer the question.
Output (Units) | Total cost (R) |
0 | 100 |
1 | 110 |
2 | 130 |
3 | 166 |
4 | 220 |
5 | 300 |
The average total cost of two units is
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The law of diminishing returns applies only in cases where _____
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Marginal cost is the addition to total cost required to produce one additional unit of a product.
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Average fixed cost decreases, reaches a minimum and then increases.
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✅
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The difference between the long and the short run in production and cost theory depends on the variability of inputs.
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0%
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Supply theory tries to explain the behaviour of consumers.
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In the long run, all inputs are variable.
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Production is plotted against units of labour.
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If marginal cost equals zero, the total cost remains unchanged.
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