marginal cost can be defined as the change in
The subject of this conversation is: Marginal Cost Definition
Answer:
Marginal cost can be defined as the change in cost that comes from producing one additional unit of a good or service. In economics, it is important to understand how the marginal cost of production affects the pricing and output decisions of a company. When LectureNotes mentioned that marginal cost is the change in cost, they were referring to how the total cost increases or decreases when production levels change by one unit. This concept is crucial for businesses to determine the optimal level of production and pricing to maximize profits.