The table below shows the short-run cost of a firm. Use it to answer the question below
Quantity (kg) | Fixed cost ($) | Variable cost ($) | Total cost ($) | Marginal cost ($) | Average cost ($) |
1 | 750 | 200 | 950 | - | 950 |
2 | 750 | 560 | 1310 | 360 | 655 |
3 | 750 | 900 | P | Q | 550 |
Calculate the value of Q
$350
$340
$360
$370
Correct answer is B
To get Q, we first have to solve for P, hence we have;
Total cost (P) = fixed cost + variable
750 + 900 = 1650
Marginal cost (Q) = 1650 - 1310 = 340
Quantity (kg) | Fixed cost ($) | Variable cost ($) | Total cost ($) | Marginal cost ($) | Average cost ($) |
1 | 750 | 200 | 950 | - | 950 |
2 | 750 | 560 | 1310 | 360 | 655 |
3 | 750 | 900 | 1650 | 340 | 550 |
Division of labour is limited by the? ...
Consumer buy more of a commodity at a lower price than at a higher price because ...
The term of trade often measured by the ratio of the index of export ...
When a consumer is at equilibrium, the MRSxy is equal to the ...
Under flexible exchange rates, a deficit could be corrected by ...
If the population of a school is 600 and 60% are In JSS, how many students are in SSS? ...
Personal distribution of income implies ...
An economy system that uses what is regarded as the "Market mechanism" is called_______ ...