Question

Question 20
How can you express marginal cost (MC) in terms of the price (w) of the variable factor and its average product (AP) or marginal product (MP)?​

Answer 1

Answer:

Hope it helps you ☺️

Explanation:

Marginal Product = (Qn – Qn-1) / (Ln – Ln-1)

1] Qn is the Total Production at time n.

2] Qn-1 is the Total Production at time n-1.

3] Ln is the Units at time n.

4] Ln-1 is the Units at time n-1.