« previous next »

Author Question: What does the word marginal mean in economics? What is a marginal benefit? What is a marginal cost? ... (Read 138 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?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Did you know?

Less than one of every three adults with high LDL cholesterol has the condition under control. Only 48.1% with the condition are being treated for it.

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Cost Savings with an EHR System Cost Savings with an EHR System
How to solve a word problem involving trigonometric models (Question 2) How to solve a word problem involving trigonometric models (Question 2)
How to solve word problems with two unknowns (Question 4) How to solve word problems with two unknowns (Question 4)
Economics Today: The Micro View, 19th Edition Economics Today: The Micro View, 19th Edition
Cost of Laptops Cost of Laptops
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
Video: T cell receptors

For a complete list of videos, visit our video library