Economic Profit

change in benefit in response to a specific action

• marginal benefit

• marginal cost

• marginal revenue

• profit

the income received from selling one additional unit of a good or service

• marginal benefit

• marginal cost

• marginal revenue

• profit

the cost associated with one additional unit of production

• marginal benefit

• marginal cost

• marginal revenue

• profit

income received from an economic action, minus the costs of taking the action

• marginal benefit

• marginal cost

• marginal revenue

• profit

Revenue - Production Cost =

(a)  

To calculate marginal cost you will need to calculate the cost per unit and then find the (a)   between one unit and the next.

If an object is bought for $90 and then sold for a loss of 15%. How much was it sold for?

• $103.50
• $80
• 75
• $76.50

Which of the following best refers to the additional cost a person or firm incur to produce one more unit?

• Consumer Benefit

• Intersection

• Marginal Benefit

• Marginal Cost

What best reflects the goal of a consumer?

• To acquire the largest possible quantity of goods.

• To acquire the largest possible variety of goods.

• To maximize utility.

• To save money.

You made a good decision if:

• Marginal cost is greater then marginal benefit

• Marginal cost is less than marginal benefit

• Marginal benefit is greater then marginal cost

• Marginal benefit is less then marginal cost