Question
The chart shows the marginal cost of producing apple pies.
A 3-column table titled the cost of pie production has 7 rows. The first column is labeled Pies produced per day with entries 0, 1, 2, 3, 4, 5, 6. The second column is labeled Total cost with entries 0, 1, 1.50, 1.75, 2.25, 3.50, 5. The third column is labeled Marginal cost with entries 0, 1, 0.50, 0.25, 0.50, 1.25, and 1.50.
According to the chart, the marginal cost of producing the second pie is
.
A 3-column table titled the cost of pie production has 7 rows. The first column is labeled Pies produced per day with entries 0, 1, 2, 3, 4, 5, 6. The second column is labeled Total cost with entries 0, 1, 1.50, 1.75, 2.25, 3.50, 5. The third column is labeled Marginal cost with entries 0, 1, 0.50, 0.25, 0.50, 1.25, and 1.50.
According to the chart, the marginal cost of producing the second pie is
.
Answers
GPT-4o mini
To find the marginal cost of producing the second pie, we can look at the total costs associated with producing 1 and 2 pies:
- The total cost of producing 1 pie is \(1.00\).
- The total cost of producing 2 pies is \(1.50\).
The marginal cost (MC) is calculated as the change in total cost when one more unit is produced. In this case, it is the change in total cost from producing 1 pie to producing 2 pies:
\[
\text{Marginal Cost of the 2nd Pie} = \text{Total Cost of 2 Pies} - \text{Total Cost of 1 Pie}
\]
\[
\text{Marginal Cost of the 2nd Pie} = 1.50 - 1.00 = 0.50
\]
Thus, the marginal cost of producing the second pie is **$0.50**.
- The total cost of producing 1 pie is \(1.00\).
- The total cost of producing 2 pies is \(1.50\).
The marginal cost (MC) is calculated as the change in total cost when one more unit is produced. In this case, it is the change in total cost from producing 1 pie to producing 2 pies:
\[
\text{Marginal Cost of the 2nd Pie} = \text{Total Cost of 2 Pies} - \text{Total Cost of 1 Pie}
\]
\[
\text{Marginal Cost of the 2nd Pie} = 1.50 - 1.00 = 0.50
\]
Thus, the marginal cost of producing the second pie is **$0.50**.