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You produce widgets. Currently you produce 4 widgets at a total cost of $40.
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September 15, 2020ack Jones age 35 is single and has no dependents. At the beginning of 2012 Jac
September 15, 2020You produce widgets. Currently you produce 4 widgets at a total cost of $40.
a. What is your average total cost?
b. Suppose you could produce one more (the fifth) widget at a marginal cost of $5. If you do produce that fifth widget what will your average total cost
be? Has your average total cost increased or decreased? Why?
c. Suppose instead that you could produce one more (the fifth) widget at a marginal cost of $20. If you do produce that fifth widget what will your
average total cost be? Has your average total cost increased or decreased? Why?
