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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.
Define total product and average product?
Total product is a term used to measure exactly how much product is made or sold. Average product is used to compare the making or selling of a product over time.
What is the difference between product functionality and product design?
Product functionality is what it does. Product design is what it looks like/how it's built.
How do you calculate the moving average cost for a product?
To calculate the moving average cost for a product, you add up the total cost of all units purchased and divide it by the total number of units purchased. This gives you the average cost per unit based on the most recent purchases.
What is the difference between product and brand?
An automobile is a product, a Chevrolet is a Brand of automobile. In other words a product is an item's name, while a brand is the name of the company that manufactures the product. Any individual product may have multiple manufacturers or brands.
Relationship between Tota Product Marginal Product and Average Product?
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
What is the relationship between marginal physical product MPP and marginal cost MC Provide an examples?
what is the relationship between marginal physical product and marginal cos
Draw a diagram with marginal product and average productExplain the relationship between marginal product and average product?
Marginal product is any input in the production process is the increase in the quantity of output obtained from on additional unit of the input. Average product is the output produced when one more unit of the variable factor is employed The relationship is state as: If labour's marginal product is exceed its average product that means labour's average product will be rising. Labour's average product will be falling. If labour's marginal product is less than its average product. If labour's marginal product is equal its average product and the average product will reach the minimum value at the point.
Relationship between total and marginal product?
Total product is the sum of all marginal products.
Marginal product curve?
A marginal product curve is a visual presentation that demonstrates the relationship between the marginal product and the quantity of its input. All other inputs are fixed.
What is relationship between average product and marginal product?
Marginal product is equal to average product when average product is maximumMarginal product determines the behaviour of the Average product. AP rises, reaches maximum and thereafter falls.For all sections that the MP is greater than the AP, the AP rises and MP is below AP, the AP decreases.Marginal product reaches maximum at a lower level of employment than does the AP
When average product is highest Options Total product is maximum Marginal product is maximum Marginal product is zero Marginal product is negative?
Negative
What is the difference between the marginal product and average product in terms of their impact on production efficiency?
The marginal product measures the change in output when one more unit of input is added, while the average product measures the total output divided by the total input. The marginal product is important for determining the efficiency of production at the margin, while the average product gives an overall picture of efficiency.
Why marginal product curve intersect the average product curve at the maximum?
of average product.
What is the difference between the marginal product of labor and the marginal revenue product of labor?
moarginal product of labor
What is the difference between average costs and marginal costs?
This is the economic distinction equivalent to fully absorbed cost of product and variable cost of product. Average cost is total cost divided by number of units. Marginal cost is the cost to produce the next unit (or the last unit
What is the distinction between marginal revenue product and marginal revenue?
I'm thinking that marginal revenue product is the marginal revenue on one product, and marginal revenue is the marginal revenue on the whole firm sales... I'm wondering the same thing but the above response is incorrect. both terms imply values on one item as indicated by the "marginal"
