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Define Or Explain the Following Concept: Marginal Cost - Economics

Short Note

Define or explain the following concept:

Marginal Cost

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Solution

Marginal cost is defined as the addition to total cost as a result of producing one more unit of output. It can be calculated by the following formula.

`"MC" = "Change in total cost"/"Change in quanity of output"`

Concept: Market Supply
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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 5 Producer's Behaviour
Exercise | Q 1.5 | Page 45
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