« previous next »

Author Question: Explain the difference between marginal cost and marginal benefit. What will be an ideal ... (Read 39 times)

Kthamas

  • Hero Member
  • *****
  • Posts: 546
on: Jun 29, 2018
Explain the difference between marginal cost and marginal benefit.
 
  What will be an ideal response?

Question 2

In the above figure, a single-price monopolist charges a price of ________, resulting in total revenue equal to area ________.
 
  A) 10; hbcd
  B) 20; fjem
  C) 10; fbcg
  D) 30; fbcg


todom5090

  • Sr. Member
  • ****
  • Posts: 328
Reply #1 on: Jun 29, 2018
Answer to Question 1

Marginal benefit is the benefit someone in society obtains when another unit of a good or service is produced. Marginal cost is the cost to someone in society of producing another unit of a good or service.

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

Hypertension is a silent killer because it is deadly and has no significant early symptoms. The danger from hypertension is the extra load on the heart, which can lead to hypertensive heart disease and kidney damage. This occurs without any major symptoms until the high blood pressure becomes extreme. Regular blood pressure checks are an important method of catching hypertension before it can kill you.

The Number of Children Americans Think Are Ideal The Number of Children Americans Think Are Ideal
How to Factor a Difference of Squares How to Factor a Difference of Squares
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
Difference-Between-Carbohydrates-and-Lipids-infographic Difference-Between-Carbohydrates-and-Lipids-infographic
Explain the myogenic autoregulation of the glomerular filtration rate Explain the myogenic autoregulation of the glomerular filtration rate
Solve Diophantus’s Problem B–8: To find two numbers such that their difference a Solve Diophantus’s Problem B–8: To find two numbers such that their difference a
Video: Spinal Cord Injury Animation

For a complete list of videos, visit our video library