🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Economics
1
answer
0
watching
106
views
23 Apr 2019

Define the following terms:

a) marginal cost

b) marginal benefit

c) objective function

Explain what is marginal analysis.

In the context of marginal analysis what is the benefit maximization rule?

Watch
1
answer
0
watching
106
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Keith Leannon
Keith LeannonLv2
26 Apr 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

How is profit maximization for a firm achieved through the marginal cost marginal benefit rule?

3. According to marginal analysis, optimal decision-making involves:

a. Taking actions whenever the marginal benefit is positive.
b. Taking actions only if the marginal cost is zero.
c. Taking actions whenever the marginal benefit exceeds the marginal cost.
d. All of the above.

11.  If we are considering further reductions in pollution, what rule should we follow to maximize the net benefit to society?

 

a. The marginal benefit from another ton of reduction should be greater than the marginal cost.

b. The marginal benefit from another ton of reduction should be less than the marginal cost.

c. The marginal benefit from another ton of reduction should be equal to the marginal cost.

d. The marginal benefit from another ton of reduction should equal zero.

Related Documents

ECO101H1 Lecture Notes - Lecture 9: Risk Aversion, Mental Accounting, Marginal Cost
blueplatypus721
Textbook Guide Economics: Average Variable Cost, Marginal Cost, Marginal Product
grayraven524
ECO204Y1
Final Exam
Study Guide
ECO204Y1 Study Guide - Quiz Guide: Canadian Airlines, Marginal Cost, Fixed Cost
olivebadger129

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in