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Question 15(multiple choice worth 5 points) (03.05 mc) quantity of jackets price (in whole dollars) total revenue marginal revenue total cost marginal cost profit (or loss) 0 20 1 20 20 18 2 19 38 33 3 18 54 43 4 17 68 55 5 16 80 68 6 15 90 83 7 14 98 101 8 13 104 120 based on this chart, what is the marginal cost, in dollars, to produce seven jackets?

Answer :

The marginal cost, in dollars, to produce seven jackets is 18.

Marginal cost is the change in total cost when output is increased by one unit. Total cost is the sum of fixed cost and variable cost involved in the production of a good or service.

Marginal cost = (total cost of making 7 jackets - total cost of making 6 jackets) / (7- 6)

(101 - 83) / (7 - 6)

= 18

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