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What are the marginal costs and the marginal benefits of one more year of higher education?
Wiki User
∙ 10y ago
The marginal cost of one more year of higher education, the opportunity cost, includes money and time. To go to one more year or higher education, you have to pay the tuition fees and any other expense needed. Time is taken into account because you could have been using this time to do other things, such as working to earn money, instead of spending the time learning and not earning a solid income. On the other hand, the marginal benefits may be the social connections and pleasure time, as well as a likely increase in future job pay.
Wiki User
∙ 10y ago
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Rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs?
Rational Decision making occurs when marginal benefits of an action exceed the marginal costs
What Economists say that choices involves comparing?
Marginal benefits and marginal costs
Where will A profit maximizing firm produce?
Where the marginal benefits equal marginal costs.
What is the definition of the economic perspective?
The making of purposeful decisions in the context of marginal costs and marginal benefits.
What is the central focus of economic perspective?
Economic perspective: a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions
Rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs?
Rational Decision making occurs when marginal benefits of an action exceed the marginal costs
What Economists say that choices involves comparing?
Marginal benefits and marginal costs
Where will A profit maximizing firm produce?
Where the marginal benefits equal marginal costs.
What is the definition of the economic perspective?
The making of purposeful decisions in the context of marginal costs and marginal benefits.
How is market failure cause environmental degradation?
It is when the private marginal benefits or costs are not equal to social marginal benefits cost. Therefore, result could be likely market failure.
Are marginal costs relevant costs?
If marginal costs are relevant for specific situation or specific decision making scenario then marginal costs are relevant costs otherwise marginal costs can be irrelevant.
What is the central focus of economic perspective?
Economic perspective: a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions
What are benefits of marginal costing?
Marginal cost is the extra cost incurred in producing one unit of a product.If the marginal cost is more than average cost that means that costs are increasing and if it is less it means costs are decreasing.This way we find out how are business is progressing.
What is an economic perspective?
Economic perspective is a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions.
Why are profit maximize when marginal revenue is equal to marginal cost?
Profits are maximized when marginal costs equals marginal revenue because fixed costs are now spread over a larger amount of revenue. This means that total cost per unit declines and profits increase. Another way to say this is that this is the effect of scale. When marginal revenue equals marginal costs, in a growing revenue situation, you gain economies of scale and higher profits.
What is marginal analysis?
A type of cost-benefit decision making that compares the extra benefits to the extra costs of an action
Where could one learn about marginal costs?
One is able to learn about marginal costs at several different places online, such as at the following websites: the Wikipedia Marginal Costs webpage, Marginal Cost, and Margins.
