ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Marginal refers to the focus on the cost or benefit of the next unit or individual, for example, the cost to produce one more widget or the profit earned by adding one more worker.

Detailed explanation-2: -The word “marginal” means “additional.” The first glass of lemonade on a hot day quenches your thirst, but the next glass, maybe not so much. If you think at the margin, you are thinking about what the next or additional action means for you.

Detailed explanation-3: -Of a value, or having a characteristic that is of a value, that is close to being unacceptable or leading to exclusion from a group or category. His writing ability was marginal at best.

Detailed explanation-4: -The marginal cost refers to the increase in production costs generated by the production of additional product units. It is also known as the marginal cost of production. Calculating the marginal cost allows companies to see how volume output influences cost and hence, ultimately, profits.