Marginal Cost
Ajit Kumar It is the change in total cost from producing an additional unit of output. It is calculated as : MCn = TCn-TCn-1 Output Total fixed cost Total variable cost Total…
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Average Cost
It is the cost per unit of production. Average Cost (AC) is calculated with the help of the following formula: AC = Total cost/Output unit The average cost has further…
Cost of Production
The expenditure on the inputs of production, both factor and non-factor, for the production of a commodity is called the cost of production. Examples of factor inputs are land, labour,…