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Related to the Economics in Practice on p. 329 [641]: How are U.S. firms looking to cut health care costs?
Marginal Cost
The expansion in total financial commitment from producing one extra unit of a product or service.
Total Cost
The aggregate expense incurred in the manufacture or delivery of a product, including all overheads.
Marginal Cost Curve
The marginal cost curve graphically represents the cost incurred in producing one additional unit of a good.
Average Fixed Cost
Represents the fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced.
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