What is marginal cost in economics?

Answer Economics provides various concepts and methods for ensuring that firms operate in a cost-effective manner that maximizes profits. One such concept is that of marginal cost, an important considerat... Read More »

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What is marginal utility in economics?

Marginal utility is one type of utility, a concept in economics that represents the value of a particular good or service--the advantage a person gains by using or consuming it.UtilityUtility is an... Read More »

What Is the Meaning of Marginal Cost?

The marginal cost is the additional cost required to produce the last unit of something. If the cost for producing 100 widgets is $1,000 and the cost of producing 101 widgets is $1020, the marginal... Read More »

How to Calculate a Marginal Cost Curve?

A marginal cost curve shows the change in cost with each additional unit of merchandise produced. The marginal cost curve charts on a graph where the X axis is cost per unit and the Y axis is quant... Read More »

Marginal Resource Cost of Labor?

Economics is the study of natural resources and how they are acquired or used by companies and individuals. One of the three traditional economic resources is labor; companies use labor as a way to... Read More »