The world of microeconomics and business decision-making hinges upon a key concept: marginal cost. In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of ...

Learn how to distinguish marginal costs by exploring their relationship with fixed and variable costs in production.

The amount of money many companies spend is in many ways directly proportionate to how much they produce. That is, there are a lot of variable costs that come with running a company. These costs are ...