How do you calculate the marginal cost - SS2 Economics Basic Cost Concepts: Total, Average, Marginal, Fixed And Variable Cost Question
How do you calculate the marginal cost?
To calculate marginal cost, you need to find the change in total cost when one more unit of output is produced. The formula for marginal cost is: MC = ΔTC/ΔQ, where MC is marginal cost, ΔTC is the change in total cost, and ΔQ is the change in the quantity of output.
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