The Second Number in Black's Three Number Formula Is the Measurement

question 68

Multiple Choice

The second number in Black's Three Number Formula is the measurement of the ____________.

• A) width of the blade
• B) length of the blade
• C) angle of the blade to the long axis of the handle
• D) none of the above

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Definitions:

Marginal Cost

The additional total cost incurred from manufacturing an additional unit of a product or service.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced, including both fixed and variable costs.

Marginal Cost

Marginal Cost is the increase in cost resulting from the production of one additional unit of a good.

Break-even Point

The production level where total revenues equals total expenses, and there is neither profit nor loss.