Marginal cost is defined as the change in cost when output changes by one unit. In the short run

Marginal cost is defined as the change in total cost when output changes by one unit in the short run.

Explanation:

Marginal cost is defined as the change in total cost when output changes by one unit. In the short run.

It is the amount by total cost will increase as a result of producing additional one more unit of a product.

Marginal cost is defined as the percentage change in total when output changes by one unit

Explanation:

Marginal cost is the cost of producing one extra unit of output.In order to marginal cost, the below formula is helpful:

marginal=total cost at succeeding output level-total cost at preceding output level/(volume at succeeding output level-volume at preceding output level)

Assuming the total cost and volume at succeeding levels are $4000 and 4000 units

Then total cost and volume at preceding ones are $3000 and 3000

Marginal cost=$4000-$3000/4000-3000

                    =$1

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