Answer the question on the basis of the following information.TFC = Total Fixed Cost Q = Quantity of OutputMC = Marginal Cost P = Product PriceTVC = Total Variable CostMarginal cost is _______.
A)Change in TVC / Q
B)Change in TVC / Change in Q
C)P − Q / Change in Q
D)Change in TFC / Change in Q

Question

Quizplus · Accepted Answer

Marginal cost is defined as the change in total variable cost (TVC) divided by the change in quantity (Q) of output produced.

Answer the Question on the Basis of the Following Information