Question on: SS2 Economics - Basic Cost Concepts: Total, Average, Marginal, Fixed And Variable Cost
How do you calculate the marginal cost?
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To calculate marginal cost, you need to find the change in total cost when one more unit of output is produced. The formula for marginal cost is: MC = ΔTC/ΔQ, where MC is marginal cost, ΔTC is the change in total cost, and ΔQ is the change in the quantity of output.
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