Average cost of units of output


Problem: If it costs the firm $54 to produce 6 units of output and $40 to produce 5 units of output, average cost:

1) is greater than marginal cost and average cost is rising

2) is less than marginal cost and average cost is rising

3) equals marginal cost

4) is greater than marginal cost and average cost is falling

5) is less than marginal cost and average cost is falling

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Managerial Economics: Average cost of units of output
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