1. can be expressed in terms of time, resources and other goods and activities being sacrificed or foregone.
2. Marginal Benefit the
satisfaction one gains from an
unit of an activity.
3. Marginal Analysis The examination of the
benefits of an
activity compared to the additional
incurred by that same
activity.
4. Marginal
the additional costs from an additional unit of an
5. Marginal
Benefit the difference between the marginal benefits
and marginal costs of an
6. The previous costs and
are no longer relevant in the
decision-making process,
7. whatever you are currently doing are the
and marginal
costs.
8. In economic analysis, the condition for the
of maximum net
benefit is set when the
is equal to the marginal cost.
9. If the
is lower than the marginal cost, the marginal net
benefit is
implying the marginal net benefit has a
contribution on total net
which further implies