Mathematics, 31.10.2019 09:31 tori829

What is the best definition of marginal benefit?

Answers: 3

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Answer from: kekeke68

A marginal benefit is the maximum amount that a consumer can pay for additional quantity

Step-by-step explanation:

Marginal Benefit or profit:

We know that

Marginal benefit is the rate of change of benefit

Benefit = Revenue -cost

So,

marginal benefit = marginal revenue - marginal cost

A marginal benefit is the maximum amount that a consumer can pay for additional quantity

Answer from: HernanJe6

The marginal benefit is the advantage enjoyed by the consumption of product.

Further explanation:

Marginal benefit:

Marginal benefit refers to the incremental benefit that the consumer is willing to pay for the consumption of an additional goods or services. It can be described as a benefit obtained by consuming an extra unit of product or service. The marginal benefit can be higher or lower than the price of offered product. It is based on the willingness of the consumer to consume the product. The marginal benefit varies from the level of consumption. Generally, the marginal benefit decreases as the consumption of the product increases because the consumer is willing to consume less as the consumption increases (diminishing marginal theory).

Example: A is hungry and willing to pay $10 for one burger. The marginal benefit of one burger is $10. After one burger, A will not be as hungry as he was in the beginning, so he will be willing to pay less for the second burger. Suppose, A will pay $5 for the second burger. Therefore, the marginal benefit for the second burger will be $5.

Thus, the marginal benefit is the advantage enjoyed by the consumption of product.

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Learn more about the marginal benefit Learn more about the economic system Learn more about the investments

Answer details

Grade: Senior School

Subject: Economics

Chapter: Marginal utility

Keywords: What, best, definition, marginal, benefit.

Answer from: Quest

$7.50x+$4.50y=midk it's been awhile since i've done one of these

Answer from: Quest

a and c

for infinitely many solutions we require both left and right sides to be equal

distribute and simplify

14 - 8x = 20 - 8x - 6 = 14 - 8x ← both sides equal so infinite solutions

6x - 54 = 6x - 54 + x = 7x - 54 ← not equal

4x + 16 = 4x + 10 + 6 = 4x + 16 ← both sides equal so infinite solutions

5x - 40 + 10 = 5x + 10

5x - 30 = 5x + 10 ← not equal

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