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The cost which the company incurs while producing one more of a good is termed as marginal cost of production. When the marginal cost is constant, it tends to move horizontally. When a capital of amount K is needed for constructing the factory, the firm will find itself with an unlimited wellspring of production at a constant marginal cost of production (Miron, 2010). Therefore, it can be said that when marginal cost of production is constant, the marginal cost is horizontal. The significance of assuming unlimited wellspring of production at constant cost of production is that the firms earns a normal profit and the firm also purchases its inputs in the competitive market at an unlimited amount (Zeuthen, 2018). The firm will also experience no constraints on capacity along with no congestion in the factory with no economies of scale. It is also known that when company grows the costs changes.
Constant marginal cost of production can describe an equilibrium that is persistent as a company cannot wish to have a declining marginal cost of production (Miron, 2010). The significance of assuming unlimited wellspring of production when the marginal cost of production is constant is that as when the marginal cost curve of a firm is horizontal, the marginal cost does not change no matter how many units are produced (Shepherd, 2015) Therefore assuming unlimited wellspring of production is significant as it will cause no change in marginal cost.
Miron, J. R. (2010). The Geography of Competition. Springer Science+ Business Media, LLC.
Shepherd, R. W. (2015). Theory of cost and production functions (Vol. 2951). Princeton University Press.
Zeuthen, F. (2018). Problems of monopoly and economic warfare. Routledge.
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