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opportunity cost refers to the satisfaction of ones want at the expense of another want while marginal cost is the addition to total cost as a result of increasing output by one unit.

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What is the difference between marginal cost and standard cost?

The main difference between standard cost and marginal cost is that in standard cost a target is set and in marginal cost there is no target set. Marginal cost is the change of the total cost due to the quantity produced.


What is the difference between price and average cost?

marginal cost


What is the differences between standard cost and marginal cost?

The main difference between standard cost and marginal cost is that in standard cost a target is set and in marginal cost there is no target set. Marginal cost is the change of the total cost due to the quantity produced.


What is marginal profit?

In economics, marginal profit is the difference between the marginal revenue and the marginal cost of producing an additional unit of output.


What is the relationship between opportunity cost and marginal cost in decision-making processes?

Opportunity cost is the value of the next best alternative foregone when a decision is made. Marginal cost is the additional cost incurred by producing one more unit of a good or service. In decision-making processes, understanding the relationship between opportunity cost and marginal cost is important because it helps in evaluating trade-offs and making efficient choices. By comparing the marginal cost of an action with the opportunity cost of not taking that action, decision-makers can determine the best course of action to maximize benefits and minimize costs.


What is the relationship between marginal cost and opportunity cost in decision-making processes?

Marginal cost is the additional cost incurred by producing one more unit of a good or service, while opportunity cost is the value of the next best alternative forgone. In decision-making processes, understanding the relationship between marginal cost and opportunity cost is important because it helps in evaluating whether the benefits of producing one more unit outweigh the costs, including the opportunity cost of not using resources for other purposes. By comparing marginal cost with opportunity cost, decision-makers can make more informed choices that maximize efficiency and resource allocation.


What is the difference between opportunity benefits and opportunity cost?

yeahhh


Difference between cost of debt and marginal cost of debt?

Cost of debt is the original cost of borrowing including original interest rate Marginal cost of debt is new loan which extended from the previous one, the interest of which is called marginal cost of debt.


What is the difference between constant opportunity cost and increasing opportunity cost?

Real cost is the price which is real not a fake price


What Relation between marginal cost and average cost?

relation ship between average cost and marginal cost


What is the difference between marginal benefits and marginal costs?

The term marginal cost refers to the oppurtunity cost associated with producing one more additional unit of a good. Opportunity cost is a critical concept to economics - it refers to the value of the highest value alternative opportunity. For example, in examining the marginal cost of producing one more bushel of wheat, that number could be expressed as the dollar value of corn or other goods that could be produced in lieu of more wheat. Marginal benefit refers to what people are willing to give up in order to obtain one more unit of a good, while marginal cost refers to the value of what is given up in order to produce that additional unit. Additional units of a good should be produced as long as marginal benefit exceeds marginal cost. It would be inefficient to produce goods when the marginal benefit is less than the marginal cost. Therefore an efficient level of product is achieved when marginal benefit is equal to marginal cost.


What is the difference between unit cost and cost per unit?

nit cost is the average cost of making a product and cost per unit is the marginal cost