Given the following information about the cost function for Bob's Beautiful Bowling Balls:
Output Total Total Total Average Average Average Marginal
Fixed Variable Costs Fixed Variable Total Cost
Costs Costs Cost Cost Cost
1 10 60
2 100
3 120
4 128
5 180
6 252
7 316
8 436
Which of the following is true?
1. The total cost of producing 5 units is $230.
2. AVC falls through the first five units of output.
3. The marginal cost of the 4th unit is lower than for any other unit.
4. The average fixed cost of producing 3 units is $200.
5. None of the above is true.

What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.