Question

What are the differences between Average Cost and Marginal Cost? ​

Answer 1

AC refers to TC per unit of output and MC refers to addition to TC when one more unit of output is produced. ... Both AC and MC curves are U-shaped due to the Law of Variable Proportions. The relationship between the two can be better illustrated through following schedule and diagram......

hope it helps....

Answer 2

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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.