Notice the costs of production for a firm in the table below. What are the total costs for outputs of 7 units and 8 units respectively?
A) $20.12; $19.33
B) $17.25; $18.32
C) $19.33; $20.12
D) $9.33; $10.12

Question

Notice the costs of production for a firm in the table below. What are the total costs for outputs of 7 units and 8 units respectively? 
A) $20.12; $19.33 
B) $17.25; $18.32 
C) $19.33; $20.12 
D) $9.33; $10.12

Quizplus · Accepted Answer

Using the table provided, we can see that the total cost for producing 7 units is $19.33 ($4.38 + $4.56 + $4.75 + $5.64). The total cost for producing 8 units is $20.12 ($4.38 + $4.56 + $4.75 + $6.43). Therefore, the correct choice is C.

Notice the Costs of Production for a Firm in the Table