Define Marginal Cost
Marginal Cost is the additional cost of producing one more unit of production. For example, the total cost of producing one car is $10,000 and the total cost of producing two cars is $18,000, then the marginal cost of expanding output by one unit is $8,000 ($18,000-$10,000=$8,000).
Your total cash income is $480,000. You pay $48,000 in taxes and $360,000 in other expenses. What is your savings ratio?
Savings Ratio = 15%
What are the 4 main functions of management?
The four main functions of management include planning, organizing, leading, and controlling.