Which of the following statement/statements are true? Statement 1: In the short run, marginal cost is the increase in TVC due to increase in production of one extra unit of output. Statement 2: The sum of marginal costs up to that level gives us the total variable cost at that level.

Both the statements are true Both the statements are false Statement 1 is true and Statement 2 is false Statement 2 is true and Statement 1 is false

Both the statements are true

The same thing is talked about. First statement talks about process to get MC from TVC. And statement 2 talks about how to get TVC from MC.