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Cost Of Production and Concept of Revenue — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsCost Of Production and Concept of Revenue2 Marks
Question
What is the marginal cost ? How is the marginal cost curve ?
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Answer

  • Marginal cost curve is the addition to total cost on account of adding one more unit to output. Initially, marginal cost declines with output, reaches minimum level and then rises faster. It is Marginal cost curve has hockey shaped curve.

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