Economics · Theory of Cost
Let the short-run total cost function for a firm be C = f(X), where X represents output. Which of the following expressions correctly represents the relationship between Marginal Cost (MC) and Average Cost (AC)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Slope of AC = 1X(AC - MC)
- 2Slope of AC = 1X(AC - MC)
- 3MC = AC + X × (Slope of AC)✓
- 4X2 × (Slope of AC) = X2 × MC - C
Correct answer
MC = AC + X × (Slope of AC)
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