Marginal cost

 

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Marginal cost

The increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output.



Similar Matches

Marginal rate of transformation

Marginal rate of transformation

The increase in output of one good made possible by a one-unit decrease in the output of another, given the technology and factor endowments of a country; thus the absolute value of the slope of the transformation curve.


Marginal propensity to consume

Marginal propensity to consume

The fraction of a change in income (or perhaps disposable income) spent on consumption. Contrasts with average propensity to consume.


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The change in total revenue as a result of producing one additional unit of output.


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Marginal rate of substitution

In a production function or a utility function, the ratio at which one argument (input) substitutes for another along an isoquant or indifference curve.


Marginal propensity to import

Marginal propensity to import

The fraction of a change in income (or perhaps disposable income) spent on imports. Contrasts with average propensity to import.


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