The
following is the table of the total cost TC
of producing output Q for a
particular firm:

Based
on this information, which of the following is correct?

Question

The
following is the table of the total cost  TC 
of producing output  Q  for a
particular firm:

Based
on this information, which of the following is correct?

Answer

If marginal cost is approximated in terms of discrete changes of 10 units, marginal costs equal average costs at  Q  = 60.

Answer

At  Q = 80, 
marginal cost (defined as the ratio of the change in costs to the change in output)  is £90

Answer

The
marginal cost is higher than the average cost at  Q  = 50.

Answer

The
average cost at  Q  = 40 is £7.

Q	10	20	30	40	50	60	70	80	90	100
TC	£140	£210	£265	£310	£360	£420	£490	£570	£660	£760

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