Marginal cost - Revision history

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	[[Category:Done ~~2016~~-04-30]]		[[Category:Done 2018-05-18]]
	A '''cost''' is what a firm, an individual or society pays to produce or consume [[goods and services]]~~, it~~ is the consumption of resources such as labour time, [[capital]], materials, [[fuel]]s, etc. In economics, all resources are valued at their opportunity cost, which is the value of the alternative use of the resources. [[Cost]]s are defined in a variety of ways and under a variety of assumptions that affect their value. The opposite of a cost is a benefit and often both are considered together~~, for~~ example, net cost is the difference between gross costs and benefits.<ref>A. Verbruggen, W. Moomaw and J. Nyboer. ''Glossary of terms used in the: Special Report on Renewable Energy Sources and Climate Change Mitigation (SRREN).'' [Onlince], Available: http://www.ipcc.ch/publications_and_data/publications_and_data_glossary.shtml [May.29, 2016]</ref>		A '''cost''' is what a firm, an individual or society pays to produce or consume [[goods and services]]. It is the consumption of resources such as labour time, [[capital]], materials, [[fuel]]s, etc. In economics, all resources are valued at their ''opportunity cost'', which is the value of the alternative use of the resources. [[Cost]]s are defined in a variety of ways and under a variety of assumptions that affect their value. The opposite of a cost is a benefit and often both are considered together. For example, ''net cost'' is the difference between gross costs and benefits.<ref>A. Verbruggen, W. Moomaw and J. Nyboer. ''Glossary of terms used in the: Special Report on Renewable Energy Sources and Climate Change Mitigation (SRREN).'' [Onlince], Available: http://www.ipcc.ch/publications_and_data/publications_and_data_glossary.shtml [May.29, 2016]</ref>

	==Marginal Cost==		==Marginal Cost==
	<onlyinclude>Marginal cost is the cost of adding one additional unit of output or the cost of increasing an activity.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Marginal Cost." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1895?rskey=5wQ9oV&result=1, 2009 [May 29, 2016]</ref> It is the change in the total cost (<m>\Delta</m> TC) divided by the change in output (<m>\Delta</m> Q). This can also be expressed as the variable cost (<m>\Delta</m> VC) divided by the change in output (<m>\Delta</m> Q) because the fixed cost doesn't change the total cost (TC) will alter in sync with the variable cost (VC).<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 276.</ref><br />		<onlyinclude>Marginal cost is the cost of adding one additional unit of output or the cost of increasing an activity.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Marginal Cost." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1895?rskey=5wQ9oV&result=1, 2009 [May 29, 2016]</ref> It is the change in the total cost (<math>\Delta</math> TC) divided by the change in output (<math>\Delta</math> Q). This can also be expressed as the variable cost (<math>\Delta</math> VC) divided by the change in output (<math>\Delta</math> Q). This is because the fixed cost doesn't change, but the total cost (TC) will alter in sync with the variable cost (VC).<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 276.</ref><br />

	::::::::::::'''MC'''= <m>\frac{\Delta TC}{\Delta Q}</m><br />		::::::::::::'''MC'''= <math>\frac{\Delta TC}{\Delta Q}</math><br />

	Essentially, this is how much it costs to produce or consume one more unit of something~~, to~~ see what this looks like in the context of a firm, see: [[costs for a firm]].		Essentially, this is how much it costs to produce or consume one more unit of something. To see what this looks like in the context of a firm, see: [[costs for a firm]].

	==See Also==		==See Also==
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	==References==		==References==
	{{reflist}}		{{reflist}}
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[[Category:Done 2016-04-30]]
A '''cost''' is what a firm, an individual or society pays to produce or consume [[goods and services]], it is the consumption of resources such as labour time, [[capital]], materials, [[fuel]]s, etc. In economics, all resources are valued at their opportunity cost, which is the value of the alternative use of the resources. [[Cost]]s are defined in a variety of ways and under a variety of assumptions that affect their value. The opposite of a cost is a benefit and often both are considered together, for example, net cost is the difference between gross costs and benefits.<ref>A. Verbruggen, W. Moomaw and J. Nyboer. ''Glossary of terms used in the: Special Report on Renewable Energy Sources and Climate Change Mitigation (SRREN).'' [Onlince], Available: http://www.ipcc.ch/publications_and_data/publications_and_data_glossary.shtml [May.29, 2016]</ref>

==Marginal Cost==
<onlyinclude>Marginal cost is the cost of adding one additional unit of output or the cost of increasing an activity.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Marginal Cost." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1895?rskey=5wQ9oV&result=1, 2009 [May 29, 2016]</ref> It is the change in the total cost (<m>\Delta</m> TC) divided by the change in output (<m>\Delta</m> Q). This can also be expressed as the variable cost (<m>\Delta</m> VC) divided by the change in output (<m>\Delta</m> Q) because the fixed cost doesn't change the total cost (TC) will alter in sync with the variable cost (VC).<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 276.</ref><br />

::::::::::::'''MC'''= <m>\frac{\Delta TC}{\Delta Q}</m><br />

Essentially, this is how much it costs to produce or consume one more unit of something, to see what this looks like in the context of a firm, see: [[costs for a firm]].

==See Also==
*[[Variable cost]]
*[[Total cost]]

==References==
{{reflist}}