difference between opportunity cost and marginal opportunity cost (6 marks )

1.Marginal cost, on the other hand, is the cost of producing an additional unit. When the quantity of a product changes by one unit, the change in total cost is the marginal cost. It is also a basic concept of economics and finance. For example, in producing additional bags, a company will have to buy additional equipment and hire additional workers; the marginal cost of producing additional bags would be the cost of the equipment and the salaries of new workers.The increase and decrease of fixed costs depends on the volume of production. While variable terms are dependent on volume, the constant terms are not and occur according to lot size.
2.Opportunity cost is an economic or financial concept that expresses the relationship between scarcity and choice while marginal cost is an economic or financial concept that represents the cost of producing an additional unit.

3.Marginal cost always has a monetary value while opportunity cost can have a monetary value or not.
4.Opportunity cost includes the value of lost time, output, utility, and the benefits that might have been enjoyed if the other choice is made while marginal cost does not.
5.Marginal costs are visible while opportunity costs are not.
6.Marginal cost is the cost incurred during the production of a unitor item while opportunity cost is the cost incurred during the consumers choice of which product to buy or use