Which of the following defines marginal cost of production?
A)TC/Q
B)TR/Q
C)ΔTC/ΔQ
D)ΔTR/ΔQ

Question

Quizplus · Accepted Answer

Marginal cost of production is defined as the change in total cost that arises when the quantity produced changes by one unit, which can be represented by the formula ΔTC/ΔQ. Option A is the formula for average total cost, option B is the formula for average revenue, and option D is the formula for marginal revenue.

Which of the Following Defines Marginal Cost of Production