« previous next »

Author Question: Explain the difference between marginal cost and marginal benefit. What will be an ideal ... (Read 48 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 top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Did you know?

Women are 50% to 75% more likely than men to experience an adverse drug reaction.

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Inverse Relation Between IQ and Disease. Could this explain the Flynn effect? Inverse Relation Between IQ and Disease. Could this explain the Flynn effect?
Historian James Merrell notes several errors in Benjamin West’s famous 1771 painting, William Penn’s Historian James Merrell notes several errors in Benjamin West’s famous 1771 painting, William Penn’s
Cultures Ideal Body Types Cultures Ideal Body Types
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 ...
Marginal Products of Physical and Human Capital Marginal Products of Physical and Human Capital
An electron is accelerated from rest through a potential difference of 3750 V. It enters a ... An electron is accelerated from rest through a potential difference of 3750 V. It enters a ...
Video: Digestive System Animation

For a complete list of videos, visit our video library