Marginal Cost Is the Change In

question 347

Multiple Choice

Marginal cost is the change in:

• A) total product resulting from a one-unit change in a variable input.
• B) total cost resulting from a one-unit change in the quantity of a variable input.
• C) total cost divided by the change in output.
• D) average cost resulting from a one-unit change in the quantity of output.

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Definitions:

Confidence Interval

A confidence interval is a range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter.

Sample Size

The number of observations or data points used in a statistical analysis.

Confidence Interval

A range of values, derived from the sample data, that is believed, with a certain probability, to contain the true population parameter.

Population Mean

The average of all the individuals or items in a population, calculated as the sum divided by the total number in the population.