Marginal Cost: Definition, Equation & Formula


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question 1 of 3

What is the formula used to calculate marginal cost?

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1. Why is marginal cost useful?

2. If you plot different marginal costs on a graph, what shape will be produced?

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About This Quiz & Worksheet

Marginal cost is a key concept to be aware of in the field of business, and this quiz/worksheet will help you test your understanding of its calculation and use.

Quiz & Worksheet Goals

In these assessments you'll be tested on several aspects of marginal cost, including:

  • The formula for calculating marginal cost
  • Why marginal cost is useful
  • Graphing marginal cost
  • The calculation and implications of marginal cost within specific examples

Skills Practiced

This quiz and worksheet allow students to test the following skills:

  • Problem solving - use acquired knowledge to solve practice problems involving the calculation of marginal cost
  • Information recall - access the knowledge you've gained regarding why marginal cost is useful, the formula for calculating marginal cost, and the characteristics of a graph depicting marginal cost
  • Making connections - use understanding of the concept of marginal cost in both a general sense and as it applies to specific examples

Additional Learning

The lesson called Marginal Cost: Definition, Equation & Formula helps you review this subject and master its nuances. It has the following objectives:

  • Define marginal cost
  • Know the formula for calculating marginal cost
  • Explore the U-shaped curve of a marginal cost graph
  • Understand how and why marginal cost is used