Question

Write the detail note in the concept of marginal cost and alternate ways calculating

Answer 1

In economics, marginal cost is the change in the opportunity 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.[1] Intuitively, marginal cost at each level of production includes the cost of any additional inputs required to produce the next unit. At each level of production and time period being considered, marginal costs include all costs that vary with the level of production, whereas other costs that do not vary with production are considered fixed

Answer 2

Definition of marginal cost: The increase or decrease in the total cost of a production run for making one additional unit of an item.