Marginal Analysis and Consumer Choice
AP Microeconomics · Flashcards
AP MICROECONOMICS · FLASHCARDS
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QUESTION
State the formula for average cost.
QUESTION
Define marginal cost in economic terms.
QUESTION
Calculate marginal cost if
T
C
=
100
TC = 100
T
C
=
100
and
△
Q
=
5
\triangle Q = 5
△
Q
=
5
.
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ANSWER
M
C
=
20
MC = 20
M
C
=
20
. Change in total cost (
100
100
100
) divided by change in quantity (
5
5
5
).
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