Question

explain the relationship between total cost and marginal cost

Answer 1

: Total cost is the total cost incurred for producing a commodity. ... Marginal cost refers to an additional cost incurred to produce an additional unit of a commodity. Relation between Total cost and Marginal cost is: "On the basis of total cost only marginal cost is incurred by the firm.

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Answer 2

Answer:

Marginal cost is the change in total cost when another unit is produced; average cost is the total cost divided by the number of goods produced.

Explanation:

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