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Author Question: Marginal cost is the increase in total cost that results from a one-unit increase in a variable ... (Read 118 times)

futuristic

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on: Jun 29, 2018
Marginal cost is the increase in total cost that results from a one-unit increase in a variable input. True or false? Explain.
 
  Indicate whether the statement is true or false

Question 2

What is the Gini ratio?
 
  What will be an ideal response?


kescobar@64

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Reply #1 on: Jun 29, 2018
Answer to Question 1

False. Marginal cost is the increase in total cost that results from a one-unit increase in output, not a one unit increase in an input.

Answer to Question 2

The Gini ratio is based on the Lorenz curve and equals the ratio of the area between the line of equality and the Lorenz curve to the entire area beneath the line of equality.


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