Define marginal cost.
Marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.
Explain the law of diminishing marginal utility with the help of a total utility schedule.
When the price of a good rises from Rs 20 per unit to Rs 30 per unit, the revenue of the firm producing this good rises from Rs 100 to Rs 300. Calculate the price elasticity of supply.
|Units of labour||Average Product (Units)||Marginal Product (Units)|