Marginal Analysis (3.2)

Marginal Analysis (3.2)

University

11 Qs

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Marginal Analysis (3.2)

Marginal Analysis (3.2)

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Vanessa Roque

Used 4+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What does C(x) represent?

Cost

Profit

Revenue

Marginal Cost

Answer explanation

The cost function is the sum of the fixed cost and variable quantities needed to produce a good or service.

C(x) = (fixed cost) + x(variable costs)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the profit function, P(x)?

P(x) = C(x) - R(x)

P(x) = R(x) + C(x)

P(x) = R(x) - C(x)

P(x) = C(x) + R(x)

Answer explanation

Profit is calculated by subtracting the costs from the revenue.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equation for average revenue?

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the equation for average cost?

R(x)

xC(x)

Answer explanation

Average Cost is calculated by dividing the total cost, C(X) by the total output, x.

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the equation for average profit?

P(x)*x

x^2

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The equation for finding marginal cost is:

C'(x) = C(x+1)-C(x)

C(x)-1

C(x-1)+C(x)

C(X-1)=C(x)+C'(x)

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What does marginal cost mean?

Answer explanation

The marginal cost at x, given by C'(x), is the approximate cost of the (x + 1)st item

the marginal cost is the change in total production cost that comes after producing one additional item

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