ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What Is Marginal Cost? In economics, the marginal cost is the change in total production cost that comes from making or producing one additional unit. To calculate marginal cost, divide the change in production costs by the change in quantity.

Detailed explanation-2: -Marginal costs – The extra (additional) cost of producing one more unit of output; equal to the change in total cost divided by the change in output (and, in the short run, to the change in total variable cost divided by the change in output).

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: -Marginal cost is the cost associated with producing one additional unit of a product or service. It is calculated by taking the total cost of producing a certain quantity and subtracting the cost of producing the previous quantity.