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If labor is the only variable input and it costs $15 per hour and if the marginal product of labor is 3 units per hour, the short-run marginal cost of 1 unit of output is approximately $0.20 Answer A: $0.20 A $3.00 Answer B: $3.00 B $5.00 Answer C: $5.00 C $15.00 Answer D: $15.00 D $45.00

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abiolataiwo2015

Based on the information given  the short-run marginal cost of 1 unit of output is approximately $5.00.

Using this formula

Marginal cost=Change in cost/Change in quantity

Where:

Change in cost=$15 per hour

Change in quantity=3 units per hour

Let plug in the formula

Marginal cost=$15/3

Marginal cost=$5.00

Inconclusion  the short-run marginal cost of 1 unit of output is approximately $5.00.

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