If the Total Cost of Producing 6 Units Is $228

question 87

Multiple Choice

If the total cost of producing 6 units is $228 and the total cost of producing 7 units is $245, what is the marginal cost of producing 7 units?

• A)$35
• B)$38
• C)$245
• D)$3
• E)$17

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Definitions:

Identity

The distinct characteristics, personality, or qualities that make an individual or group unique.

Quantity Theory of Money

A theory that relates the money supply to the price level and the rate of economic growth.

Money Supply

The sum of all financial assets, encompassing cash and deposits in banks, present within an economy at a given moment.

Price Level

An indicator that measures the typical prices for a comprehensive selection of goods and services within the economy.