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What is the difference between marginal benefits and marginal costs?
The term marginal cost refers to the oppurtunity cost associated with producing one more additional unit of a good. Opportunity cost is a critical concept to economics - it refers to the value of the highest value alternative opportunity. For example, in examining the marginal cost of producing one more bushel of wheat, that number could be expressed as the dollar value of corn or other goods that could be produced in lieu of more wheat. Marginal benefit refers to what people are willing to give up in order to obtain one more unit of a good, while marginal cost refers to the value of what is given up in order to produce that additional unit. Additional units of a good should be produced as long as marginal benefit exceeds marginal cost. It would be inefficient to produce goods when the marginal benefit is less than the marginal cost. Therefore an efficient level of product is achieved when marginal benefit is equal to marginal cost.
What is the narionality of the people in New Zealand considered?
New Zealanders. New Zealand is a bicultural nation consisting of two peoples: Maori and Pakeha.
How does the marginal product of labor change as more people are hired?
As more people are hired, the marginal product of labor decreases because eventually having more and more employees will not make the company more productive.
What is difference between finance people and marketing people?
Both are people.
Which people are referred to as marginal groups?
Marginal groups are groups of people who are kept away from society. they are kept at borders and are not shown any kind of respect or concern
What is the difference between people and monkeys?
we r people and they are monkeys
What is the difference between skilled and professional?
Difference between skilled and Professional is skilled is you knowledge and Professional is you way how to work with people.
What is the difference between panic and fear?
stupid people are
What is the difference between Japanese people's hair and that of American people?
There is basically no difference between Japanese hair and American. The only difference is the color, Japanese tends to have darker brown color, where as American have bronze color.
What the difference between short sighted people and short sighted people?
nothing
Should resources be concentrated in high potential areas and forget the marginal areas?
No, that would not be very equitable to those people living in marginal areas.
Is there a difference between draft and draught?
No, there is no difference, draught is pronounced draft so people confuse it with that.
