Question

Define Average Cost and Marginal Cost.

Answer 1

Answer:

Marginal cost is the variation of total cost as result of variation in one unit of production. Average cost represents the cost per unit, including the fixed and variable cost required to produce the product. Average cost is composed in two parts, average variable cost and average fixed cost.

Answer 2

Answer:

Here comes your answer

Explanation:

1. Average cost: average cost or unit cost is equal to total cost (TC) divided by the number of units of a good produced (the output Q): It is also equal to the sum of average variable costs (total variable costs divided by Q) and average fixed costs (total fixed costs divided by Q).

1. Marginal Cost :marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit; that is, it is the cost of producing one more unit of a good

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