3 A firm is producing 1000 units at a total cost of $5000. If it were to...

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3 A firm is producing 1000 units at a total cost of $5000. If it were to increase production to 1001 units, its total cost would rise to $5008. What does this information tell you about the firm?

a Marginal cost is $5 and average variable cost is $8.

b Marginal cost is $8 and average variable cost is $5.

c Marginal cost is $5 and average total cost is $8.

d Marginal cost is $8 and average total cost is $5.

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Principles Of Microeconomics

ISBN: 125206

8th Edition

Authors: Joshua Gans, Stephen King, Martin Byford, N Gregory Mankiw

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Question Posted: Nov 04, 2024 06:01 AM

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3 A firm is producing 1000 units at a total cost of $5000. If it were to...

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Principles Of Microeconomics

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