A textile firm in Bangladesh has the following cost data:

Output (units): 100, 101
Total Cost ($): 500, 508

What is the marginal cost of producing the 101st unit?

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Question

A textile firm in Bangladesh has the following cost data:

Output (units): 100, 101
Total Cost ($): 500, 508

What is the marginal cost of producing the 101st unit?

Accepted Answer

$8.00 — Award 1 mark for correct identification that marginal cost = change in total cost ÷ change in output = ($508 - $500) ÷ 1 = $8. A is incorrect — this is the average cost at 100 units. B is incorrect — this is the average cost at 101 units. D is incorrect — this is the total cost, not marginal cost.

Answer

$8.00

Answer

$5.00

Answer

$508

Answer

$5.03

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