In the short run, the marginal cost of producing the first unit of output is $50, the marginal cost of the second unit of output is $20, and the marginal cost of producing the third unit of output is $16. The firm's total cost of producing three units of output is:
A. $16.
B. $48.
C. $86.
D. cannot be determined from the information provided
Answer: D
Economics
You might also like to view...
The Haig-Simons definition of income and the Fisher definition of income are virtually identical
a. True b. False
Economics
The first priority of national defense spending is the defense of economic interests abroad
a. True b. False
Economics
Over the period 1900-2014, which of the following countries experienced the highest average annual growth rate of real GDP per person?
a. Brazil b. China c. India d. Pakistan
Economics
Consistency of feasible generalized least square estimators requires the error term to be correlated with lags of the explanatory variable.
Answer the following statement true (T) or false (F)
Economics