A Firm Estimates That When Output Is 10, Its Total

question 41

Multiple Choice

A firm estimates that when output is 10, its total costs are $900. It also finds that when output is 11, its total costs are $920. The marginal cost of the eleventh unit of output is:

• A) $1.
• B) $20.
• C) $90.
• D) $900.
• E) $920.

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Definitions:

Accommodation

In psychology, a concept of learning in which new information or experiences cause you to modify your existing schemas or ideas.

Cognitive Development

A field of study in neuroscience and psychology focusing on a child's development in terms of information processing, conceptual resources, perceptual skill, language learning, and other aspects of brain development.

Assimilation

The cognitive process of fitting new information into existing cognitive schemas, perceptions, and understanding.

Information Processing

The way in which information is absorbed, analyzed, stored, and retrieved by the human mind or computers.