Marginal cost can be defined as Group of answer choicesNone of the abovethe change is total fixed cost as a result of a change in outputthe change in average total cost as a result of a change in outputthe change in total variable cost as a result of a change in output
Question
Marginal cost can be defined as Group of answer choicesNone of the abovethe change is total fixed cost as a result of a change in outputthe change in average total cost as a result of a change in outputthe change in total variable cost as a result of a change in output
Solution
Marginal cost can be defined as the change in total variable cost as a result of a change in output.
Here's a step-by-step explanation:
-
First, understand that marginal cost is an economic concept that's used to measure the cost incurred by a business to produce one additional unit of a product.
-
The total variable cost, on the other hand, refers to the costs that vary with the level of output. These could include costs for raw materials, hourly wages for workers, etc.
-
So, when we talk about the change in total variable cost as a result of a change in output, we're essentially talking about how much more (or less) it costs to produce one more (or one less) unit of a product.
-
Therefore, the marginal cost is defined as the change in total variable cost as a result of a change in output.
Similar Questions
The change in total output divided by the change in input is known asGroup of answer choicesmarginal cost.specialization.marginal product.marginal profit.total product.
The marginal cost is the:Multiple choice question.extra or additional cost associated with the consumption of an additional unit of output.average cost associated with the production of an additional unit of input.average cost associated with the use of an additional unit of input.extra or additional cost associated with the production of an additional unit of output.
Under the Marginal cost pricing, the price is determined on the basis of; A. Fixed cost B. Variable cost C. Total cost D. Average cost
Marginal revenue is the change in totalGroup of answer choicesrevenue received when the firm spends more money.cost incurred when the firm produces one additional unit.revenue divided by the change in total cost.cost divided by the change in total revenue.revenue received when the firm produces one additional unit.
Marginal costing is a technique that focuses on the:a.Calculation of total costsb.Analysis of fixed costsc.Separation of variable costs from fixed costsd.Determination of profit marginsClear my choice
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.