What does the word "marginal" mean in economics? What is a marginal benefit? What is a marginal cost? What is marginal analysis?
What will be an ideal response?
In economics, the word "marginal" means "extra" or "additional." Marginal benefit is the additional benefit received from continuing with an activity. Marginal cost is the additional cost associated with continuing with an activity. Marginal analysis involves comparing marginal benefits and marginal costs.
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Refer to the information provided in Figure 16.4 below to answer the question(s) that follow.Los Angeles International Airport (LAX) is located next to Playa Del Rey. The noise from air traffic negatively affects individuals living in Playa Del Rey, however, this cost is not considered by airlines or air travelers. The airlines feel they have a right to use the airspace while the individuals living in Playa Del Rey feel they have the right to quiet. The following diagram depicts the marginal costs and marginal benefits associated with air travel.
Figure 16.4Refer to Figure 16.4. Suppose the government assigns property rights to ________. No negotiations
occur between the parties. The resulting level of air travel is 0 units. A. both the airlines and the residents of Playa Del Rey in a 50-50 split B. the airlines C. the residents of Playa Del Rey D. indeterminate from the given information.
Which age householder group's mean income among the following was the highest in 2010?
A) 15-25 years old B) 25-34 years old C) 45-54 years old D) 65 years and older
Capital formation is a key component of economic growth
a. True b. False Indicate whether the statement is true or false
An increase in the demand for the Brazilian real induces
A) an increase in the demand for Brazilian goods. B) a decrease in the supply of dollars. C) an increase in the real price of a dollar. D) an increase in the dollar price of a real.