« previous next »

Author Question: What does the word marginal mean in economics? What is a marginal benefit? What is a marginal cost? ... (Read 85 times)

fox

  • Hero Member
  • *****
  • Posts: 540
on: Jun 29, 2018
What does the word marginal mean in economics? What is a marginal benefit? What is a marginal cost? What is marginal analysis?
 
  What will be an ideal response?

Question 2

Define the terms of trade.
 
  What will be an ideal response?
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


vkodali

  • Sr. Member
  • ****
  • Posts: 357
Reply #1 on: Jun 29, 2018
Answer to Question 1

In economics, the word marginal means extra or additional. Marginal benefit is the additional benefit received from continuing with an activity. Marginal cost is the additional cost associated with continuing with an activity. Marginal analysis involves comparing marginal benefits and marginal costs.

Answer to Question 2

The terms of trade represent the ratio at which a country can exchange domestic products for imported products.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

A spark plug thread chaser is a low-cost tool that hopefully will not be used often, but is ... A spark plug thread chaser is a low-cost tool that hopefully will not be used often, but is ...
A Production Function with Diminishing Marginal Product of Capital A Production Function with Diminishing Marginal Product of Capital
economics economics
Economics question Economics question
Directions: Fill in the correct number or word(s). Order: Lantus U-100 insulin 68 units subcut ... Directions: Fill in the correct number or word(s). Order: Lantus U-100 insulin 68 units subcut ...
Trace word by sk kid Trace word by sk kid
Video: Simple Diffusion - Ion transport

For a complete list of videos, visit our video library