Total product (cabbages per day) Total cost (dollars per day) 160 Ann leases a f

Question

Total product (cabbages per day) Total cost (dollars per day) 160 Ann leases a farmer's field for $80 a day and grows cabbages. She pays students $70 a day to pick Labor (students) cabbages and she leases capital at $80 a day The table gives the daily output and total cost. What is the marginal cost of picking a cabbage when the quantity increases from 220 to 300 cabbages 100 370 360 The marginal cost of picking a cabbage when the quantity increases from 220 to 300 cabbages a day is 510 >>>Answer to 2 decimal places. 430

Explanation / Answer

Answer
MC of n the unit=(TC of n units -TC of p units )/(n-p)...............n>p
=(370-300)/(300-220)
=0.875
The marginal cost is $0.88

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