3. Finance and Accounts
Total, Average, And Marginal Cost — Quiz
Test your understanding of total, average, and marginal cost with 5 practice questions.
Practice Questions
Question 1
What does total cost mean for a business?
Question 2
Which statement best describes average cost?
Question 3
What is marginal cost?
Question 4
A firm’s total cost is $500$ when it produces $100$ units. What is the average cost per unit?
Question 5
A business produces $20$ units at a total cost of $140$ and then $21$ units at a total cost of $147$. What is the marginal cost of the 21st unit?