Much economic theory is based not on marginal analysis of totals but on analyzing the changes caused by increasing or decreasing those totals. Marginal cost is the increase in total costs resulting ...

Marginal cost refers to the change in total cost arising from the production of one additional unit. For example, in a manufacturing firm, the marginal cost will give a measure of the change in total ...

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This is a preview. Log in through your library . Abstract This paper analyses the relationship between traffic volume and maintenance costs, and derives estimates for the cost elasticity and the ...