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When a cherry orchard in Oregon adds a worker, the total cost of production increases by $24,000. Adding the worker increases total cherry output by 600 pounds. Therefore, the marginal cost of the last pound of cherries produced is:
A. $19.
B. $4,000.
C. $24,000.
D. $40

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Answer:

D. $40

Explanation:

Given that

Total cost increased by $24000

Output increased by 600pounds

Recall that

Marginal cost = Change in total cost/change in total output

Thus

Marginal cost = 24000/600

Marginal cost = $40.

Therefore, marginal cost on the last pound of cherry produced is equal to $40

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