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The change in total output, when one more input is added/deducted.
If Total Product of current period 'n', then the Marginal Product [Marginal Output]= Tn - Tn-1.
It is the marginal change in the total output when one unit of input say labour or capital is added.
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If you have Marginal Cost and Marginal Damages how do you find the optimal level of output?
The optimal level of output is where marginal costs = marginal damages.
How marginal revenue and marginal cost can help set the most profitable output level?
A way to find the best level of output is to find the output level where marginal revenue is equal to marginal cost.
When total output is maximized marginal output is?
Negative
What is marginal profit?
In economics, marginal profit is the difference between the marginal revenue and the marginal cost of producing an additional unit of output.
What should a monopoly do if marginal revenue exceeds marginal cost?
increase output
If you have Marginal Cost and Marginal Damages how do you find the optimal level of output?
The optimal level of output is where marginal costs = marginal damages.
How marginal revenue and marginal cost can help set the most profitable output level?
A way to find the best level of output is to find the output level where marginal revenue is equal to marginal cost.
When total output is maximized marginal output is?
Negative
What is marginal profit?
In economics, marginal profit is the difference between the marginal revenue and the marginal cost of producing an additional unit of output.
What should a monopoly do if marginal revenue exceeds marginal cost?
increase output
When marginal costs are below average cost at a given output one can deduce that if output increases what happens?
when marginal costs are below average cost at a given output, one candeduce that, if output increases dose average costs fall or marginal costs will fall
What is the level of output every firm strives for?
The level of output every first strives for is when marginal revenue equals marginal cost.
When a firm's marginal revenues are higher than its marginal cost?
Marginal cost is
When marginal costs are below average cost at a given output one can deduced that if output increases?
when marginal cost are below average cost at a given output, one can deduce that,
When marginal costs are below average cost at a given output one can deduce that if output increases?
when marginal cost are below average cost at a given output, one can deduce that,
The level of profit maximizing output is reached when marginal cost is?
equal to marginal revenue
What is marginal revenue?
Marginal revenue is the change in total revenue over the change in output or productivity.
