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What is decreasing marginal cost?
All additional lawn mowed generates less benefit than the earlier lawn à along with decreasing marginal benefit; every additional unit generates less benefit than the unit before.
There is decreasing marginal benefit through an activity while each additional unit of the activity generates less benefit than the earlier unit.
Consider a model world which is subject to a risk of global climate change. The damage is known to be from greenhouse gas (GHG) emissions as indicated by the marginal damage curve
types of capital budgeting
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
THE IMPACT OF INFLATION Inflation has different effects on different economic activities on both micro and macro levels. Some of these problems are considered below: i.
Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
What limitations are inherent in the economist’s view of pricing?
DIFFERENTIALS AND DISEQUILIBRIUM In a free enterprise system, workers aim at maximizing their wages. Hence, it would be expected that workers would move form low-paying indus
In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by chan
what is objective
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