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In a factory production environment, the additional cost of producing one more item is known as Marginal cost.
What is Marginal cost?
- In economics, the difference in total cost caused by increasing the quantity produced is known as the marginal cost, sometimes known as the cost of producing more.
- The additional cost paid in the creation of extra units of goods or services is known as marginal cost, and it is most typically employed in manufacturing.
- It is formed from both variable costs that must still be considered and fixed expenses for things that have already been created.
- It is calculated by dividing the cost change by the quantity change. For instance, it might cost $10 to make ten cups of coffee.
- Another would cost $0.80 to produce. That is therefore the marginal cost, or the additional cost incurred to produce one more unit of output.
Learn more about marginal cost here:
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