Which of the following variables do you need to know to calculate marginal cost?
i.change in total cost
ii.marginal product of labor
iii.change in quantity of labor used
iv.change in output
A) i and ii
B) i and iv
C) ii and iv
D) i, iii, and iv
E) Only ii

Question

Quizplus · Accepted Answer

To calculate marginal cost, one needs to know the change in total cost and the change in output. Option i provides us with the change in total cost, and option iv provides us with the change in output. Therefore, the options i and iv are needed to calculate marginal cost.

Which of the Following Variables Do You Need to Know