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Marginal product is the result of an additional output of production. An example is adding an hour to an employeeâ??s work schedule to produce 100 more cookies. Marginal cost is the cost associated with producing an additional output. An example is paying an employee the overtime rate per hour for producing 100 more cookies.
Wiki User
∙ 9y ago
Wiki User
∙ 15y agomarginal cost is extra cost to produce one extra unit
Wiki User
∙ 9y agoThe marginal product is the amount of output one can expect by adding one unit of input. The quality of work and production rate for each input unit are theorized to remain the same.
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When a firm's marginal revenues are higher than its marginal cost?
Marginal cost is
If you have total cost and total benefit how do you get marginal cost and marginal benefit?
Marginal cost is total cost/quantity Marginal benefit is total benefit/quantity
How do you find marginal average cost?
Marginal cost comes from the costs of producing just one more of something.
What is the differences between standard cost and marginal cost?
The main difference between standard cost and marginal cost is that in standard cost a target is set and in marginal cost there is no target set. Marginal cost is the change of the total cost due to the quantity produced.
What is the difference between marginal cost and standard cost?
The main difference between standard cost and marginal cost is that in standard cost a target is set and in marginal cost there is no target set. Marginal cost is the change of the total cost due to the quantity produced.
Marginal versus variable costing?
Variable cost refers to the TOTAL variable cost of all units, whereas marginal cost is the variable cost of the last unit only. Variable cost is the sum of all the individual marginal costs. The derivative of the Variable Cost is the Marginal Cost. The integral of the Marginal cost is the Variable Cost.
What is the optimal level of pollution?
when marginal benefit is equal to marginal cost To be more specific: When the marginal damage cost of polluting is equal to the marginal abatement cost of polluting (or the marginal benefit of polluting, which is equivalent to the MAC)
When a firm's marginal revenues are higher than its marginal cost?
Marginal cost is
Marginal cost when buying a house?
marginal cost influences the buyer of the house. If the marginal benefit surpasses or even equal with the marginal cost, the buyer normally decides to buy the house.
How will get total cost function form marginal cost function?
Find the integral of the marginal cost.
What is the equation for marginal net benefits?
Marginal net benefits= Marginal benefit- Marginal cost
What Relation between marginal cost and average cost?
relation ship between average cost and marginal cost
