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If you have total cost and total benefit how do you get marginal cost and marginal benefit?
Marginal cost is total cost/quantity Marginal benefit is total benefit/quantity
What is the equation for marginal net benefits?
Marginal net benefits= Marginal benefit- Marginal cost
What are typical shapes of marginal-benefit curves?
Marginal Benefit curve is usually downward sloping, while Marginal Cost is usually upward sloping.
The marginal benefit of an activity is?
The marginal benefit of an activity refers to the additional satisfaction or utility gained from consuming or engaging in one more unit of that activity. It is a crucial concept in economics, as it helps individuals and businesses make informed decisions by comparing the marginal benefits to the marginal costs. When the marginal benefit exceeds the marginal cost, it is generally advantageous to pursue the activity further. Conversely, if the marginal cost surpasses the marginal benefit, it may be wise to reduce or cease the activity.
Is the marginal benefit of a glass of water large or small?
water is necessary for life, is the marginal benefit of water is large or small?
If you have total cost and total benefit how do you get marginal cost and marginal benefit?
Marginal cost is total cost/quantity Marginal benefit is total benefit/quantity
What is the equation for marginal net benefits?
Marginal net benefits= Marginal benefit- Marginal cost
What is the optimal level of pollution?
when marginal benefit is equal to marginal cost To be more specific: When the marginal damage cost of polluting is equal to the marginal abatement cost of polluting (or the marginal benefit of polluting, which is equivalent to the MAC)
What are typical shapes of marginal-benefit curves?
Marginal Benefit curve is usually downward sloping, while Marginal Cost is usually upward sloping.
The marginal benefit of an activity is?
The marginal benefit of an activity refers to the additional satisfaction or utility gained from consuming or engaging in one more unit of that activity. It is a crucial concept in economics, as it helps individuals and businesses make informed decisions by comparing the marginal benefits to the marginal costs. When the marginal benefit exceeds the marginal cost, it is generally advantageous to pursue the activity further. Conversely, if the marginal cost surpasses the marginal benefit, it may be wise to reduce or cease the activity.
Is the marginal benefit of a glass of water large or small?
water is necessary for life, is the marginal benefit of water is large or small?
What is the additional or extra benefit associated with an action?
Marginal Benefit
What is an additional or extra benefit associated with an action?
Marginal Benefit
How does an individual or household benefit from the law of diminishing marginal utility?
what is it marginal utility
How does marginal revenue and marginal utility relate to capital?
Marginal revenue/margina utility return from capital represents the benefit of capital. When determining the optimal amount of capital, we must take into account the point when marginal benefit = marginal cost. This optimises profit/utility.
A person should consume more of something when its marginal?
benefit exceeds its marginal cost.
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
