Explain the concept of marginalism as it is used in economics
What will be an ideal response?
The process of analyzing the additional or incremental costs or benefits arising from a choice or decision.
Economics
You might also like to view...
A firm produces 400 units of output at a total cost of $1,200 . If total variable costs are $1,000,
a. average fixed cost is 50 cents. b. average variable cost is $2. c. average total cost is $2.50. d. average total cost is 50 cents.
Economics
Demand is said to be elastic when the:
A. percentage change in quantity demanded is greater than the percentage change in price. B. change in quantity demanded is less than the change in price. C. percentage change in quantity demanded is less than the percentage change in price. D. change in quantity demanded is greater than the change in price.
Economics