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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is marginal cost?
💡 Hint: Think about how costs change with production.
Question 2
Easy
If producing 10 units costs ₹500 and 11 units cost ₹530, what is the marginal cost?
💡 Hint: Subtract the total costs.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does marginal cost refer to?
- Total cost of production
- Cost of producing one additional unit
- Cost reduction strategy
💡 Hint: Focus on the 'additional' aspect.
Question 2
True or False: A company should produce more units if the marginal cost is less than the selling price.
- True
- False
💡 Hint: Think about profit margins!
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A tech company produces gadgets with a total cost structure defined as Fixed Costs of ₹30,000 and Variable Costs of ₹200 per gadget. What should be the marginal cost if they increase production from 500 to 505 gadgets?
💡 Hint: Identify which costs come into play with increased production.
Question 2
Evaluate a situation where due to market changes, the marginal cost of producing additional units has doubled while the selling price remained the same. What implications does this have for the business strategy?
💡 Hint: Think about how pricing and costs interact.
Challenge and get performance evaluation