Question

explain the concept of marginal cost. how does it relate to cost? how is it found? how does the marginal cost relate to cost? a. cost refers to the rate of change of marginal cost. b. marginal cost refers to the rate of change of cost. c. marginal cost is the same as cost. how is the marginal cost found? a. marginal cost is found by taking the derivative of cost. b. marginal cost is found by taking the antiderivative of cost. c. marginal cost is the same as cost.

Explanation:

Marginal cost represents the additional cost of producing one more unit. It is the rate of change of total cost with respect to the quantity produced. Mathematically, in calculus - based economics, if $C(q)$ is the cost function where $q$ is the quantity, the marginal cost $MC$ is the derivative of the cost function, $MC = C'(q)$. So, marginal cost refers to the rate of change of cost and is found by taking the derivative of cost.

Answer:

How does the marginal cost relate to cost?
B. Marginal cost refers to the rate of change of cost.

How is the marginal cost found?
A. Marginal cost is found by taking the derivative of cost.