ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Marginal cost represents the incremental costs incurred when producing additional units of a good or service. It is calculated by taking the total change in the cost of producing more goods and dividing that by the change in the number of goods produced.

Detailed explanation-2: -Marginal cost is the cost to produce one additional unit of production. It is an important concept in cost accounting as marginal cost helps determine the most efficient level of production for a manufacturing process.

Detailed explanation-3: -Marginal costs are the costs associated with producing an additional unit of output. It is calculated as the change in total production costs divided by the change in the number of units produced. Marginal costs exist when the total cost of production includes variable costs.

Detailed explanation-4: -The marginal cost is the cost of producing one extra unit of output, in the short runt the fixed cost does not change by producing one extra unit thus the marginal cost is entirely comprised of the variable cost.

Detailed explanation-5: -The marginal cost of labor (MCL) is the additional cost incurred by firms for employing an extra unit of labor. It is obtained by dividing the change in the total cost of labor by the change in labor employment.