(i) State the relationship between total cost and marginal cost.

(ii) From a given total cost TC= 100+0.5q+0.4 Find out the fixed cost, average variable cost, and marginal cost.

(i) The relationship between total cost (TC) and marginal cost (MC) is fundamental in economics and is defined as follows:

Marginal Cost represents the change in total cost resulting from producing an additional unit of output. Mathematically, it is expressed as:

MC=d(TC)dqMC = \frac{d(TC)}{dq}

where TCTC is the total cost, and qq is the quantity of output.

Key Characteristics of the Relationship:

1. Incremental Changes: Marginal cost reflects how _________ _______ _______ ___ ________ ________ ________ _________ _____ __________.
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