According to marginal thinking, an individual will continue to consume until after the benefit of additional consumptions is less than its cost.
What is Marginal cost?
The marginal cost, or price of producing more, is the variation in total cost that results from increasing the quantity produced in economics. It can refer to an increase of one unit of output in some settings and to the rate of change of total cost as output increases by a tiny amount in others. The marginal cost is the slope of the total cost, or the rate at which it rises with output, and is shown in Figure 1 to be measured in dollars per unit while total cost is shown to be in dollars. The difference between average cost, which is the entire cost divided by the quantity of units produced, and marginal cost is that latter.
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