In what products or services is the marginal cost of a business smaller, compared to the marginal price of a consumer?
Marginal cost is the additional cost incurred in producing addition output. It can be calculated by determining the change in the total cost of production in producing one more unit of product. It includes all the costs that are fixed and variable.
Answer and Explanation: 1
The profit maximization firms sell their goods and services at a price equal to the marginal cost of the product. It is the profit maximization...
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fromChapter 3 / Lesson 12
What is marginal cost? Learn how to calculate marginal cost with the marginal cost formula. See the definition, behavior, and marginal cost examples.