Question: Based on the table below, what is the marginal cost of the 2nd unit? Total Total Average Average Average Fixed Variable Total | Fixed Variable

Based on the table below, what is the marginal cost of the 2nd unit? Total Total Average Average Average Fixed Variable Total | Fixed Variable Total Marginal Output Cost Cost Cost Cost Cost Cost Cost 0 50 50 2 140 3 120 4 190 5 170 6 260 7 260 8 370 30 40 50 140 220

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1. The concepts that are used to describe social situations are mental constructions.

The facts rule: We have a tendency to have more confidence in information that is documented with figures than information that isnt.

The permanence rule: We tend to have more confidence in information that is of a more permanent nature than information that is of a temporary nature.