The table below shows the cost of producing model vintage cars for collectors.

a. Complete the marginal cost column in the table.

b. What is the total cost of producing 4 vintage model cars?

c. What is the marginal cost of producing the 4th vintage model car?

d. Graph the marginal cost curve for producing vintage model cars.
 

Transcribed Image Text:

Vintage Model Car Costs Total Fixed Total Variable Marginal Cost (dollars) Cost Cost Total Cost (dollars) $ 0 (dollars) $2,500 Output (dollars) $2,500 1 2,500 700 3,200 2 2,500 1,200 3,700 3 2,500 2,000 4,500 4 2,500 3,000 5,500 2,500 4,250 6,750 Vintage Model Car Costs Total Fixed Total Variable Marginal Cost (dollars) Cost Cost Total Cost (dollars) $ 0 (dollars) $2,500 Output (dollars) $2,500 1 2,500 700 3,200 2 2,500 1,200 3,700 3 2,500 2,000 4,500 4 2,500 3,000 5,500 2,500 4,250 6,750

Answer rating: 100% (QA)

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