Saved Bookmarks
| 1. |
State the relation between totalcost and marginal cost. |
| Answer» Solution :Total cost of production of any COMMODITY is the amount of cost incurred for production of that commodity.In other words it is the summation of total FIXED cost and total variable cost at any POINT of time for production .MARGINAL cost on the other hand is the extra amount of cost incurred for production of one extra | |