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Some Cost Considerations for Managers
* Three guidelines for estimating the marginal cost(MC): 1) Average variable cost should not be used as substitute for the marginal cost(MC).
2) A single item on firm's accounting ledger can have two components, only one of which involves marginal cost(MC).
3) All opportunity cost should be included in determining the marginal cost(MC).
If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $
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