Define Marginal Cost or MC
Define Marginal Cost and also its functions?
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Marginal Cost (MC): It is the additional cost of producing an extra unit of similar product. In this module, marginal cost drops/falls and then increases as the level of production rises. The cause for this pattern in marginal cost is that the firm experiences rising returns to production initially (that is, higher further output per each additional unit of input), however as production carries on to grow, diminishing returns to production take place (that is, lower additional output per each additional unit of input). Diminishing returns take place in short run due to utilization of variable resources in grouping with at least one fixed factor of the production.
A Ferris wheel operator at the county fair charges of $2 per ride. Individual seat is vacant on what will be the final ride of the day. He asks when you would like a ride for a dollar. It is an illustration of: (1) reservation pricing. (2) price discrimination. (3) as
Change in quantity demanded: When change in demand takes place due to price alone, it is termed as change in quantity demanded.
Can someone please help me in finding out the accurate answer from the following question. The primary reasons for the existence of firms would not comprise: (1) Collecting sales taxes for government. (2) Entrepreneurial drives for the potential gains. (3) Cutting tra
NOT between characteristics of a purely competitive industry would be as: (w) large numbers of potential buyers and sellers. (x) long-run freedom of entry and exit. (y) modern technology that dictates large firms. (z) buyers have no influence on price
Invisible items: All kinds of services that are rendered to or obtained from abroad are termed as invisible items. Such are invisible as these are not made up of any matter or material. The record of such items is not obtainable with the ports. Illust
Critics of current welfare programs who desire the welfare system scaled down tend to argue which welfare reform should give: (1) whatever this takes to lift all people out of poverty. (2) poor people with incentives to work. (3) nothing; there should
For a competitive firm, the short-run supply curve is the portion of its: (w) AVC curve that lies above the ATC curve. (x) MC curve which rises above its AVC curve. (y) MC curve which is upward sloping. (z) AFC curve which lies above the MC curve.
Please help me to solve the problem of total revenue that is given below: Total revenue can be computed by the formula as: (w) P + Q. (x) P * Q. (y) ep * P. (z) ep * Q. Hello gu
Why is economics seen like a social science?
Refer to the given diagram. As it associate to production possibilities analysis, the law of increasing opportunity cost is reflected in curve:1) A 2) B 3) C 4) D Discover Q & A Leading Solution Library Avail More Than 1430310 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1960771 Asked 3,689 Active Tutors 1430310 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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