Marginal Analysis (3.2)
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Business
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University
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Medium
Vanessa Roque
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11 questions
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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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