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2 marksCosts of Production and Economies of Scale

CSEC Economics · May/June 2014 · Paper 2 · Question 2(d)(ii)

Table 2 shows total cost of production of Firm A across different output levels.

Calculate the marginal cost for the 4th unit of output.

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Other parts of this question

  1. 2(a)(i)Define the term 'economic system'.[2 marks]
  2. 2(a)(ii)Define the term 'capital goods'.[2 marks]
  3. 2(b)Give ONE example of a capital item.[1 mark]
  4. 2(c)Explain TWO types of economies of scale gained when moving from operating a small food stall to a big restaurant.[6 marks]
  5. 2(d)(i)Calculate the average total cost (ATC) for an output level of 3 units.[2 marks]

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