Learn how to distinguish marginal costs by exploring their relationship with fixed and variable costs in production.

Marginal cost refers to the change in total cost arising from the production of one additional unit. For example, in a manufacturing firm, the marginal cost will give a measure of the change in total ...

Mary Hall is a editor for Investopedia's Advisor Insights, in addition to being the editor of several books and doctoral papers. Mary received her bachelor's in English from Kent State University with ...

1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...