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Ch. 10 - The Costs of ProductionWorksheetSee all chapters

# Marginal Cost

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Sections
Revenue, Cost, and Profit
The Production Function and Diminishing Returns
Marginal Cost
The Relationship Between Average Cost and Marginal Cost
Graphing Costs
Average Total Cost: Short Run and Long Run
Isoquant Lines
Isocost Lines
Cost-Minimizing Combination of Labor and Capital
###### The marginal cost of watching another video is really low, but that marginal benefit is through the roof!

Concept #1: Marginal Cost

Practice: Donny Saltlife shapes surfboards in Hawaii. He leases two production machines, paying $300 each per week. He cannot increase the number of machines he leases in his contract. He can hire as many workers as he wants at a cost of$400 per week. These are his only two inputs to produce surfboards. Fill in the remaining columns in the table below.

Practice: A firm that sells headphones has the following average total cost schedule: The company currently produces and sells 600 units. A desperate customer calls and offers \$550 for a pair of headphones. Should the company accept the offer?