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Marginal cost and Average total cost schedules

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Suppose that the firm's cost function is given in the following schedule (where Q is the level of output):

Output Total
Q (units) Cost
0 7
1 25
2 37
3 45
4 50
5 53
6 58
7 66
8 78
9 96
10 124

Determine the (a) marginal cost and (b) average total cost schedules

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Solution Summary

This solution shows how to determine the marginal cost and average total cost schedules for the given economics problem.

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