Marginal cost is the cost of one additional unit of output. The concept is used to determine the optimum production quantity for a company, where it costs the least amount to produce additional units. If a company operates within this "sweet spot," it can maximize its profits. The concept is also used to determine product pricing when customers request the lowest possible price for certain orders.
For example, a production line currently creates 10,000 widgets at a cost of $30,000, so that the average cost per unit is $3.00. However, if the production line creates 10,001 units, the total cost is $30,002, so that the marginal cost of the one additional unit is only $2. This is a common effect, because there is rarely any additional overhead cost associated with a single unit of output, resulting in a lower marginal cost.
One way in which the ideas of Adams rejected the ideas of Thomas Hobbes was when Hobbes championed the idea of a person losing their liberties under a monarchy just for the purpose of having law and order whereas Adams was in favor of allowing a person to retain his liberties.
Rhyming involves the connection between two words that sound a like or in some cases also have similar meanings. Poems usually use rhymes to get their point across. By rhyming, a meaning of a simple phrase can display a deeper meaning to what is being said.
