1. Marginal cost may be defined as
a. the change in average total cost that results from producing one more unit of output
b. the change in average variable cost that results from producing one more unit of output.
c. the change in total cost that results from producing one more unit of output.
d. the rate of change in total fixed cost that results from producing one more unit of output.
2. If fixed cost is $5,000, and, at an output of 3 variable costs is $4,000, how much is the average total cost at an output of 3?
3. A production function shows a firm how to _____________.
a. maximize profits
b. maximize output
c. minimize losses
d. minimize output
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