Those working in bars earned slightly more, with an average hourly wage of $9.84. Hosts and hostesses employed by hotel restaurants earned a significantly higher wage, averaging $10.95 per hour. The few hosts and hostesses employed by colleges and universities earned the highest wage, $12.85 per hour.
Definition of marginal value: The incremental value that is achieved through additional output. Marginal value exists through a product modification that results in an increase in price or an increase in unit production. The value ...
Definition: Marginal Cost is an increase in total cost that results from a one unit increase in output. It is defined as: The cost that results from a one unit change in the production rate.t is the difference between the total cost of the 6th unit and the total cost of the, 5th unit and so forth. Marginal Cost is governed only by variable cost which changes with changes in output. Marginal cost which is really an incremental cost can be expressed in symbols.