Asked by Miguel Avalos on Apr 28, 2024
Verified
The formula for MC is
A) TVC/q.
B) q/TVC.
C) ΔTVC/q.
D) ΔTVC/Δq.
MC
The additional cost of producing one more unit of a product or service.
TVC
Total Variable Cost, which refers to the total of all costs that vary with output level in the short term.
Formula
A mathematical relationship or rule expressed in symbols, often used to calculate and predict outcomes.
- Quantify marginal cost and explore its interrelation with average variable cost and average total cost.
Verified Answer
FN
Furqan NadimMay 03, 2024
Final Answer :
D
Explanation :
The formula for Marginal Cost (MC) is ΔTVC/Δq, which represents the change in total variable cost (ΔTVC) divided by the change in quantity (Δq).
Learning Objectives
- Quantify marginal cost and explore its interrelation with average variable cost and average total cost.
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