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1. Explain the difference between each of the following: (write answer on sheets)
2. Using the table below, calculate the value of the marginal cost of the 3rd unit of output.
3. In the long run, if a very small factory were to expand its scale of operations, it is likely that it would
initially experience
5. A firm's average total cost is £30 at 5 units of output and £32 at 6 units of output. The marginal cost of
producing the 6th unit is:
(a) $2
(b) $12
(c) $32
(d) $42
6. A firm has a variable cost of £100 at 5 units of output. If fixed costs are £40, what will be the average
total cost at 5 units of output?
(a) $28
(b) $60
(c) $12
(d) $140
7. Which of the following would generally be regarded as fixed costs in the short-run?
8. Fill in the blanks in the definitions below to give a good explanation of each of the different types of cost.
Some suitable words or expressions for the blanks are also given below.
cost is the cost per unit of output produced. The cost is the
change in total cost when one more unit of output is produced. To work out average cost you would
9. Which of the costs below would you expect to be long-run (as opposed to short-run) costs?