...then uses these marginal comparisons to choose...
...level that sets marginal revenue equal to...
...revenue equal to marginal cost (and then...
...and Incentives: Using marginal benefit per dollar...
...levels”) or using marginal comparisons to find...
...Optimization in Differences: Marginal Analysis This approach...
...see that setting marginal revenue equal to...
...revenue equal to marginal cost generates the...
...Usually in economics marginal means “due to...
...and we study marginal changes in profit,...
...using the term marginal cost to apply...
...a palatable alternative. Marginal Cost—The additional cost...
...make pancakes, the marginal cost of an...
...opportunity cost, introduce marginal analysis in general...
...in general (and marginal cost in particular),...
...(Optimization in Differences: Marginal Analysis) Use the...
...a table using marginal analysis to confirm...
...the same when marginal analysis is used...
...Solution: When using marginal analysis you need...
...Airfare Total Cost Marginal Cost Closest 15...

...in which the marginal product of the...
...employed exceeds the marginal product of the...
...a change in marginal product. Answer: C...
...curve have equal marginal products. Answer: B...
...Answer: B 7) Marginal product is the...
...product curve. The marginal product that would...
...15 sweaters. The marginal product of the...
...400 units. The marginal product of the...
...Answer: D 12) Marginal product A) is...
...221, then the marginal product of the...
...C 14) Diminishing marginal returns refers to...
...previous worker. A) marginal cost; marginal cost...
...A) marginal cost; marginal cost B) average...
...average cost C) marginal product; marginal product...
...C) marginal product; marginal product D) average...
...average product E) marginal product; average product...
...15) When the marginal product of labour...
...increasing. B) the marginal product of labour...
...is experiencing diminishing marginal returns. E) the...
...the formula for marginal product of energy?...
...19) Suppose the marginal product of energy...
...that A) the marginal product is equal...
...product. B) the marginal product is greater...
...used. C) the marginal product curve is...
...E) both the marginal and average product...
...20) Suppose the marginal product of energy...
...implies that A) marginal product is negative....
...is maximized. C) marginal product is maximized....
...maximized. D) the marginal product curve is...
...correct? A) When marginal product is increasing,...
...is below zero, marginal product remains positive....
...positive. C) When marginal product is increasing,...
...increasing. D) When marginal product is zero,...
...average product exceeds marginal product, both curves...
...slope of the marginal product curve. E)...
...total product and marginal product of energy....
...law of diminishing marginal returns? A) "The...
...Answer: C 25) Marginal cost is calculated...
...9 sweaters, the marginal cost of one...
...short-run average and marginal cost curves. The...
...a minimum. C) marginal product is at...
...a maximum. D) marginal product is at...
...a minimum. E) marginal cost is at...
...over which A) marginal cost is increasing....
...is decreasing. C) marginal product is decreasing....
...D 33) The marginal cost (MC) curve...
...Answer: D 34) Marginal cost is the...
...Answer: D 35) Marginal cost can be...

...slope. 10. The marginal rate of substitution...
...________ display diminishing marginal rate of substitution...
...affordable point, the marginal rate of substitution...
...are attainable. 33. Marginal product of labour...
...product schedule. The marginal product when the...
...product schedule. The marginal product when the...
...product curve and marginal product curve. The...
...law of diminishing marginal returns states: a)...
...a plant increases, marginal product eventually decreases....
...prod uction, the marginal product of the...
...harvest corn. Diminishing marginal returns begin when...
...are no diminishing marginal returns since total...
...slope of the marginal product curve. c)...
...product and the marginal product of labour....
...teap ots, the marginal cost of one...
...e) $5. 42. Marginal cost is equal...
...variable cost. d) Marginal cost is equal...
...run average and marginal cost curves. The...
...a firm's a) marginal product increases. b)...
...cost decreases. c) marginal cost decreases. d)...
...cost decreases. d) marginal cost increases ....
...decreases. 47. The marginal cost ( MC...
.... 49. The marginal cost curve slopes...
...to a) diminishing marginal utility. b) diminishing...
...utility. b) diminishing marginal returns . c)...
...total cost b) marginal cost c) average...
...downward - sloping marginal revenue curve. c)...
...revenue curve. e) marginal revenue curve. 56....
...d) less than marginal cost. e) below...
...curve includes its marginal cost curve at...
...cost. e) its marginal cost. ECON 211...
...perfectly competitive firm's marginal revenue is greater...
...greater than its marginal cost, the firm...
...________ curve. a) marginal cost; average total...
...total cost b) marginal cost; average variable...
...variable cost c) marginal cost; marginal revenue...
...c) marginal cost; marginal revenue d) average...
...cost curves and marginal revenue curve of...
...pr ice equals marginal cost. e) none...
...cost curves and marginal revenue curve of...
...cost curves and marginal revenue curve of...
...Average Revenue (AR) Marginal revenue (MR) $2...