Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49The marginal cost if the 4th mug per day is ________.
A. $7
B. $5
C. $8
D. $32
Answer: A
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Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. As a result of the increase in the price of corn, farmers who were already growing corn will earn an:
A. economic loss in the short run. B. economic profit in the long run. C. economic loss in the long run. D. economic profit in the short run.
The table above shows the marginal costs and marginal benefits of college education. If 8 million students are enrolled, the marginal external benefit is
A) zero. B) $4,000. C) $5,000. D) $7,000.
The growth rate of which of the following is not a component of the growth accounting equation?
A) the capital stock B) labor C) depreciation D) available technology
What happens when the price level falls?
A) Total planned real spending remains constant. B) Total planned real spending increases. C) Total planned real spending also falls. D) Planned real spending on goods increases but planned real spending on services falls.