The increase in variable cost which occurs in changing from one production alternative to another; it is often measured relative to adding a marginal unit of input.
The cost associated with one additional unit of production. also called incremental cost.
is a calculation showing the change in total cost as a result of a change in volume, e.g. if one more item of output increases the total cost by $25, the marginal cost is $25. It is usually useful to determine marginal cost because it can aid in determining if the rate of production should be altered.
The cost of producing an additional unit of output.
The cost of one additional unit of something, for example, the cost to find, pump, ship and deliver the next new gallon of oil.
The additional cost incurred from producing an additional unit of output.
the extra cost incurred for an extra unit of output.
The increase or decrease in a firm's total cost of production as a result of changing production by one unit.
The increase or decrease in total costs brought about by a one-unit increase or decrease in output.
The increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output.
The sum that has to be paid the next increment of product of service. The marginal cost of electricity is the price to be paid for kilowatt-hours above and beyond those supplied by presently available generating capacity.
The extra cost incurred in producing an extra unit of output.
the addition to total cost resulting from the addition of the last unit of output (to the total quantity of output) || More! || graph
The cost of the next unit if it were purchased. See INCREMENTAL COST.
Additional cost associated with producing one more unit of output.
The change in a producer's total cost when output is increased by one unit; can be measured in dollars or negative feeling. View Capstone Lesson(s) that address this concept
the additional costs of producing one more unit of output
the increase or decrease in costs as a result of one more or one less unit of output
(Hackett, 1998, chapter 4). The increase in total cost that occurs as a consequence of a small (one-unit) increase in production output. (Economists expect that a rational, profit maximizing business decision-maker will expand production until marginal cost equals the price that he receives for that last unit of production.)
is the extra, or additional, cost of producing one more unit of output. The marginal product of an input is the addition to total output due to the addition of an extra unit of that input (the quantity of other inputs being held constant). The marginal propensity to consume (MPC) is the increase in consumption per unit increase in disposable income. The marginal propensity to save (MPS) is the increase in saving per unit increase in disĀposable income.
(a) The addition to total cost resulting from the addition of the last unit of output. (MY) the additional cost associated with one additional unit of output. (HHC)
The cost that arises from a one-unit increase in an activity. The marginal cost of something is what you must give up to get one more unit of it. (p. 15); the marginal cost of producing a good is the change in total cost that results from a one-unit increase in output. (p. 270).
The addition to total cost required in order to produce one further unit increase in output.
Cost incurred from manufacturing or providing each additional unit; includes normal profit.
The cost that it takes to produce an additional energy unit, or the cost saved by not producing such unit.
The amount by which one additional unit of production increases total variable cost and, therefore, total costs.
the additional cost required to produce an additional unit of benefit (e.g., unit of health outcome).
The change in total costs resulting from the delivery of one additional therm of gas to a customer on the utility system, referred to as "volumetric cost."
The cost of supplying an extra unit of output.
The cost of producing an additional unit of a product. Computer software has high fixed costs (costs that are independent of the number of units produced) because developing and testing software is expensive but insignificant marginal costs, since once a software program is written it can be cheaply and easily copied as many times as desired.
The cost to produce one additional unit of output. The change in total variable cost resulting from a one-unit change in output.
the additional cost of an increase of one unit of output (for example, one additional open and distance learning centre).
The cost of producing one more unit of output after the production system has been established. For example, the cost of generating one printed sheet, i.e. paper and toner, after a laser printer has been purchased and commissioned. See also Cost.
the additional cost corresponding to an additional unit of output produced, calculated by dividing the price of a marginal input by the marginal product of that input
The cost on one additional unit of effort. In terms of reducing emissions, it represents the cost of reducing emissions by one more unit. (IPCC)
The increase in the total cost of production that results from manufacturing one more unit of output.
The cost of providing the service now, based upon the investment already made.
the cost of the last unit produced; MC = Change in TC / Change in Q
The change in cost resulting from production of a single additional unit of production.
The cost associated solely with each additional unit of production or consumption.
The variable costs per unit of production. The variable costs are usually regarded as the direct costs plus the variable overheads. Marginal cost represents the additional cost incurred as a result of the production of one additional unit of production
in the context of any particular service, means the costs that would be avoided if the service did not operate. The marginal cost of providing an additional peak period service will, in most cases, be very high, especially if additional vehicles and drivers need to be employed. Conversely, the marginal cost of providing an additional inter-peak service will be relatively low, because vehicles are available which would not otherwise be used at that time and likewise, drivers will be booked on to cover the peak periods but will not all be employed in revenue earning service between those peaks.
The cost of an additional unit. The marginal cost of capital is the cost of an additional rupee of new funds.
The extra cost needed to produce one more unit of output (or the reduction in total cost of producing one less unit of output).
In the utility context, the cost to the utility of providing the next (marginal) kilowatt-hour of electricity, irrespective of sunk costs.
The extra cost a company incurs when it produces one more unit of a product. p. 594
The cost associated with completing one more unit of production or activity.
The change in cost associated with a unit change in quantity supplied or produced.
The increase in total cost that is the result of a one unit increase in the production of a good.
The cost of the next unit. To Top
The incremental costs incurred when the level of output of some operation or process is increased by one unit.
Marginal cost is the opportunity cost of producing one more unit of a good or service. It is the best alternative forgone. It is calculated as the increase in total cost divided by the increase in output.
The cost of producing one additional unit of a product.
The cost to produce an additional energy unit or the amount that is saved by not producing it.
The increase in the total costs of a producer of producing one more unit of output, or the decrease in producing one less unit of output.
The increase in variable cost which would occur if one more unit of output was to be produced.
In economics and finance, marginal cost is the change in total cost that arises when the quantity produced changes by one unit. Mathematically, the marginal cost (MC) function is expressed as the derivative of the total cost (TC) function with respect to quantity (Q). Note that the marginal cost may change with volume, and so at each level of production, the marginal cost is the cost of the next unit produced.