|what is marginal cost?||Marginal cost is the change in the total cost resulting from a one-unit change in output|
|How is marginal cost calculated?||Marginal cost is calculated as the increase in total cost divided by the increase in output|
|why will marginal cost increase as output increases?||As output increases marginal cost will eventually increase because of the law of diminishing returns|
|what is the marginal product of labor?||The marginal product of labor is the change in output resulting from one unit increase in labor, or it is the increase in total product from a one unit increase in the quantity of labor, while holding the quantity of capital constant|
what is marginal cost?
How is marginal cost calculated?
why will marginal cost increase as output increases?
what is the marginal product of labor?