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Agriculture Economics QUESTION #11867
Question 1
Marginal cost is mathematically defined as:
  • $MC = \dfrac{TC}{Q}$
  • $MC = \dfrac{\Delta TC}{\Delta Q}$✔️
  • $MC = TFC + TVC$
  • $MC = AVC - AFC$
Correct Answer Explanation
Marginal cost is the change in total cost resulting from producing one more unit of output, $MC = \dfrac{\Delta TC}{\Delta Q}$.