-Refer to the Above Table

question 333

Multiple Choice

-Refer to the above table. When output rises from 3 units to 4 units, marginal costs are

• A) $16.
• B) $10.
• C) $22.
• D) $31.

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Definitions:

Average Product

The output produced per unit of input used, typically calculated by dividing total product by the quantity of input.

Marginal Product

The additional output gained by employing one more unit of a particular input, keeping other inputs constant.

Complementary Inputs

Inputs used in production that are used together with other inputs to increase output, for instance, coffee and milk in a café.

MP Schedule

A management plan or timetable for the production or operations within a company, often detailing when tasks should be completed.