Define and Discuss Variable or Marginal Cost

question 33

Essay

Define and discuss variable or marginal cost.

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Definitions:

Basic Resources

Fundamental elements or inputs needed for the functioning of an economy or ecological system, such as water, minerals, energy, and arable land.

Equal

Describes a state of being the same in quantity, size, degree, or value, often applied to mathematical entities, rights, and opportunities.

Smallpox

A highly contagious viral disease characterized by fever, weakness, and skin eruptions, eradicated by vaccination by 1980.

Subsistence

The act or reality of sustaining or upholding oneself, particularly at the most basic level.