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WAEC Agricultural Science 2012 Question 58

Question 58

Basic Agricultural Economics

Marginal cost of production is defined as

  1. A.increase in fixed cost that results from increasing production by one unit.
  2. B.product of average variable cost and the number of units produced.
  3. C.average physical product multiplied by the variable cost.
  4. D.increase in total cost as output is increased by one unit.
Show the answer and explanation

Answer: D (increase in total cost as output is increased by one unit.)

Explanation

Marginal cost is the extra total cost of producing one more unit.