Asked by Attila Szalay on Jul 14, 2024
Verified
Marginal cost is the change in _____ cost resulting from a one-unit change in _____.
A) total;a variable input
B) total;output
C) total;average cost
D) average;output
Marginal Cost
The sum required to produce an extra unit of a product or service.
Variable Input
An input in the production process that can be adjusted in the short run to change the level of output, such as labor hours or raw materials.
- Differentiate marginal cost from total variable cost, and calculate the total variable cost.
- Explain the repercussion of advancing and declining marginal returns on the calculation of marginal cost.
Verified Answer
GF
Grace FeldmanJul 18, 2024
Final Answer :
B
Explanation :
Marginal cost is the change in total cost resulting from a one-unit change in output.
Learning Objectives
- Differentiate marginal cost from total variable cost, and calculate the total variable cost.
- Explain the repercussion of advancing and declining marginal returns on the calculation of marginal cost.