Production Costs of a Firm Quick Check
5 of 55 of 5 Items
Question
Use the table to answer the question.
Number of Workers Output Total Cost Fixed Cost Variable Cost
1 20 $300 $250 $50
2 35 $352
$250 $102
3 45 $406 $250 $156
4 50 $462 $250 $212
What is the marginal cost of producing the 45th unit of output?
(1 point)
Responses
$52
52 dollars
$154
154 dollars
$156
156 dollars
$5.40
The correct answer is $156.
Marginal cost is the additional cost of producing one more unit of output. In this case, the marginal cost of producing the 45th unit of output is $156, which is the difference in total cost between producing 44 units ($406) and producing 45 units ($462).