Assume a firm is producing q = 1,000 units of output. at q = 1,000 the firm’s marginal cost equals $20 and its average total cost equals $25. the firm sells its output for $30 per unit. if the firm were top produce 999 units of output, its total costs would be:

$24,980

Explanation:

The formula to compute the average total cost is shown below:

Average total cost = Total cost ÷ quantity in units

$25 = Total cost ÷ 1,000 units

So, the total cost would be

= 1,000 units × $25

= $25,000

And, the marginal cost is $20

The marginal cost is the additional cost which arises from producing extra unit

Marginal cost = Total cost in 1,000 units - Total cost in 999 units

$20 = $25,000 - Total cost in 999 units

So, the total cost of 999 units would be

= $25,000 - $20

= $24,980

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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explanation:

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