The world of microeconomics and business decision-making hinges upon a key concept: marginal cost. In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of ...

When businesses are planning how much to produce, they must pay close attention to marginal costs and marginal benefits – the incremental changes in costs and benefits that result from an increase in ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

A rational business's main goal is always to maximize profits. As complicated as business processes can be, the end goal always remains reaching the maximum profit. There are many ways a company has ...