State the relation between totalcost and marginal cost.

1.	State the relation between totalcost and marginal cost.
Answer» <html><body><p></p>Solution :Total cost of production of any <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a> is the amount of cost incurred for production of that commodity.In other words it is the summation of total <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> cost and total variable cost at any <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> of time for production .<a href="https://interviewquestions.tuteehub.com/tag/marginal-555038" style="font-weight:bold;" target="_blank" title="Click to know more about MARGINAL">MARGINAL</a> cost on the other hand is the extra amount of cost incurred for production of one extra</body></html>

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