Marginal Cost
The additional cost that the firm incurs from producing an additional unit of output.
For example, suppose Bob owns a restaurant where his specialty is burgers. If it costs him U.S. $1000 to produce 100 burgers and U.S. $1020 to produce 101 burgers, then the marginal cost of the 101st burger is U.S. $20.
For example, suppose Bob owns a restaurant where his specialty is burgers. If it costs him U.S. $1000 to produce 100 burgers and U.S. $1020 to produce 101 burgers, then the marginal cost of the 101st burger is U.S. $20.
