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 ...

Accurate cost measurement is critical to properly pricing goods or services. Businesses with accurate cost measurement know whether they are making a profit on current goods and know how to judge ...

A company's pricing strategy is never permanent. Business managers must continuously evaluate their pricing plan and make adjustments to changes in consumer wants, competitor actions and the economic ...

The total cost of a business is composed of fixed costs and variable costs. Fixed costs and variable costs affect the ...

Understand the link between total and marginal revenue, their differences, and how to calculate marginal revenue effectively. Learn when a company should adjust production.