[Answer] What is the best definition of marginal cost?

Answer: the price of producing one additional unit of a good
What is the best definition of marginal cost?

What Is the Relationship between Marginal Cost and Total Cost?

How to Find Marginal Cost: 11 Steps (with Pictures) – wikiHow

Relationship Between Marginal Cost & Average Variable Cost …

Average Costs and Curves | Microeconomics

In economics marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit; that is it is the cost of producing one more unit of a good. Intuitively marginal cost at each level of production includes the cost of any additional inputs required to produce the next unit. At each level of production and time period being considered marginal costs include all costs that vary with the level of production whereas other costs that do not vary with production are fixed and thus have no marginal cost. For example the marginal cost of producing an automobile will generall…

In economics marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit; that is it is the cost of producing one more unit of a good. Intuitively marginal cost at each level of production includes the cost of any additional inputs required to produce the next unit. At each level of production and time period being considered marginal costs include all costs that vary with the level of production whereas other costs that do not vary with production are fixed and thus have no marginal cost. For example the marginal cost of producing an automobile will generally include the costs of labor and parts needed for the additional automobile but not the fixed costs of the factory that have already been incurred. In practice marginal analysis is segregated into short and long-run cases so that over the long run all costs (including fixed costs) become marginal. Where there are economies of scale prices set at marginal cost will fail to cover total costs thus requiring a subs…

Leave a Reply