marginal cost refers to
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The Marginal Cost refers to the change in the total cost as a result of the production of one more unit of the product.
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Marginal cost is the increase or decrease in total production cost if output is increased by one more unit. The formula to obtain the marginal cost is change in costs/change in quantity. If the price you charge per unit is greater than the marginal cost of producing one more unit, then you should produce that unit.
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