If the 15th Unit of Output Has a Marginal Cost

question 292

Multiple Choice

If the 15th unit of output has a marginal cost of $29.50 and the average cost of producing 14 units of output is $30.23, what will happen to the average cost of production if the 15th unit is produced?

• A)Average cost increases as more is produced.
• B)Average cost will fall.
• C)Average cost could increase or decrease depending on what happens to variable cost.
• D)Average cost could increase or decrease depending on what happens to fixed cost.

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Definitions:

Mental Templates

are cognitive structures that serve as a framework for understanding and organizing new information.

High-Quantity Goals

Targets that focus on producing a large volume of work or achieving a high number of outcomes within a specified timeframe.

High-Quality Goals

Objectives that are specific, measurable, achievable, relevant, and time-bound, promoting effective planning and accomplishment.

Explicit Rules

Clearly defined codes of conduct, procedures, or guidelines that are formally established and communicated.