question archive The table below shows the cost of producing model vintage cars for collectors
The table below shows the cost of producing model vintage cars for collectors
Subject:EconomicsPrice:2.87 Bought7
The table below shows the cost of producing model vintage cars for collectors.
a. Complete the marginal cost column in the table.
| Vintage Model Car Costs | ||||
|
Output |
Total Fixed Cost (dollars) |
Total Variable Cost (dollars) |
Total Cost (dollars) |
Marginal Cost (dollars) |
| 0 | $2,500 | $ 0 | $2,500 | — |
| 1 | 2,500 | 700 | 3,200 | |
| 2 | 2,500 | 1,200 | 3,700 | |
| 3 | 2,500 | 2,000 | 4,500 | |
| 4 | 2,500 | 3,000 | 5,500 | |
| 5 | 2,500 | 4,250 | 6,750 | |
b. What is the total cost of producing 4 vintage model cars?
$
c. What is the marginal cost of producing the 4th vintage model car?
$
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Answer:
| output | marginal cost |
| 0 | - |
| 1 | 3200 |
| 2 | 500 |
| 3 | 800 |
| 4 | 1000 |
| 5 | 1250 |
b. $ 5500
c. $1,000
