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Topic: Marginal concepts


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In the News (Thu 20 Jun 19)

  
  Marginal concepts - Wikipedia, the free encyclopedia
Marginal benefit is the extra utility accrued from one additional unit of a good.
Similarly marginal utility is the additional utility (satisfaction or benefit) that a consumer derives from an additional unit of a commodity or service.
It is assumed that marginal utility generally falls as consumption increases, so that one's 10th doughnut in a day is less satisfying than the first or second.
en.wikipedia.org /wiki/Marginal_concepts   (182 words)

  
 Marginalism - Wikipedia, the free encyclopedia
The theory of marginal utility was independently developed around 1870 by William Stanley Jevons in England, Carl Menger in Austria and Leon Walras in Switzerland.
Marginal utility, or marginal benefit, is the additional utility (satisfaction or benefit) that a consumer derives from an additional unit of a commodity or service (output).
Marginalism has been criticised for being extremely abstract, with the concept of "marginal utility" being described as "unobservable, unmeasurable and untestable".
en.wikipedia.org /wiki/Marginalism   (1734 words)

  
 Ministry of Public Infrastructure Renewal - Chapter 2 - Key Economical Principles and Concepts   (Site not responding. Last check: 2007-10-24)
The socially efficient marginal conditions refer to the externalities (e.g., public health) and pubic good nature of water, where a decision made on purely private grounds may not lead to a social optimum, and government intervention is required to achieve social efficiency.
But the marginal cost is higher than BS throughout the range being considered, which means that there are alternative uses of the resources entering into this marginal cost that consumers value more highly than they value what those resources can produce in the production of water services.
The addition of the concept of “economies of scope” to that of economies of scale in defining natural monopoly was generated by the observation that most utilities were multi-product firms (Baumol, 1977).
www.pir.gov.on.ca /userfiles/HTML/cma_4_35878_1.html   (6045 words)

  
 Marginalism - Wikipedia, the free encyclopedia
Thus, all else equal, as the demand for agricultural crops increases, the price of land rises as farmers move to less productive land.
The concept grew out of attempts by 19th-century economists to explain the fundamental economic reality of price.
According to its critics, marginalism is individualistic and focuses too much on the market rather than production.
en.wikipedia.org /wiki/Marginal_utility   (1734 words)

  
 Marginal analysis: A Glossary of Political Economy Terms - Dr. Paul M. Johnson
A concept employed constantly in microeconomic theory (and quite frequently in macroeconomic theory as well) is that of the marginal change in some economic variable (such as quantity of a good produced or consumed), or even the ratio of the marginal change in one variable to the marginal change in another variable.
Marginal analysis is the analysis of the relationships between such changes in related economic variables.
In microeconomic theory, "marginal" concepts are employed primarily to explicate various forms of "optimizing" behavior.
www.auburn.edu /~johnspm/gloss/marginal_analysis   (269 words)

  
 Economics Interactive Tutorial: Cost Concepts
Marginal cost is the difference in total cost between one rate of output and another.
Usually, unless stated otherwise, the marginal cost is the change in cost that results from changing the output by one unit.
Marginal cost on this graph is the difference in cost between the given output rate and the next lower one.
hadm.sph.sc.edu /COURSES/ECON/Cost/Cost.html   (1331 words)

  
 [No title]
Notice that the marginal benefit from the second piece of pizza is 25 units, but the marginal benefit of the tenth piece is only 2 units.
This is because the gains to society (measured by marginal benefits) exceed the costs to society (measured by marginal costs).
For example, suppose the law mandates that the water in a town be cleaned to the point until the marginal costs to society exceed the marginal benefits.At this level, the water is still too dirty to swim in and children who drink from the water are exposed to lead poisoning.
www.humboldt.edu /~economic/econ104/marginal   (1144 words)

  
 Grid X: a reconstruction of economics   (Site not responding. Last check: 2007-10-24)
For Leon Walras (1834-1910) "marginal utility was of course a mathematical concept.
Marginal utility was attained when the last units of expenditure in the consumer's scale of preferences (given the available income) yielded equivalent satisfactions to the point of equilibrium.
Marginalism, however, maintains "the exchange-value of a commodity...is identical with the marginal utility which a unit of the commodity has to every member of the community who possesses it, expressed in terms of the marginal utility of some concrete unit conventionally agreed upon" (Philip H.
www.webshells.com /gridx   (11458 words)

  
 Cost3
As with all marginal concepts, here we are talking about the relationship between changes - something computed as the ratio of changes in two variables.
The marginal cost of increasing the university from 9,800 to 10,125 students would be $10.77, which means that the decision to expand output to 10,125 students will raise costs by $10,770 per additional student.
The marginal cost curve and average cost curves tend to be U-shaped and the marginal cost curve cuts through the average cost curves at their minimum points.
www.uri.edu /artsci/ecn/mead/INT1/Mic/CostProduction/Cost3.html   (5954 words)

  
 NCEE | EconomicsAmerica® | National Standards
As long as the marginal benefit of an activity exceeds the marginal cost, people are better off doing more of it; when the marginal cost exceeds the marginal benefit, they are better off doing less of it.
Apply the concepts of marginal benefit and marginal cost to an environmental policy to find the optimal amount of pollution for two firms that have substantially different costs of reducing pollution.
Use the concepts of marginal cost and marginal benefit to evaluate proposals for a pollution control ordinance aimed at maximizing economic efficiency; then select the best proposal, and explain why it seems best.
www.ncee.net /ea/standards/standard.php?sid=2   (641 words)

  
 Lectures - Courses offered by RCDRM
Introduces concepts of marginal reasoning; demonstrates the relationships between total, average, and marginal values; and presents two fundamental resource allocation propositions that utilize marginal values.
Uses marginal concepts and the isoquant-isocost curve techniques to demonstrate the logical process of seeking economy-efficiency solutions in productive activities, and shows the usefulness of this approach in defense resource decisions.
The concept of a hypothesis is introduced and its construction is discussed.
www.mapn.ro /rcdrm/lecturese.htm   (1120 words)

  
 Marginalism   (Site not responding. Last check: 2007-10-24)
In economics, marginalism is the theory that economic value results from marginal utility and marginal cost (the marginal concepts).
The concept of marginalism involves the idea of a small change.
Distinguishing between marginal and total values is crucial to understanding many human activities and decisions.
www.marginalism.info   (279 words)

  
 Glossary of Political Economy Terms: M © 1994-1999 Dr. Paul M. Johnson
microeconomic theory (and quite frequently in macroeconomic theory as well) is that of the marginal change in some economic variable (such as quantity of a good produced or consumed), or even the ratio of the marginal change in one variable to the marginal change in another variable.
In the language of modern industrial society, and especially in the language of professional economists, the concept of a market has been generalized and abstracted far beyond the original rather concrete and localized meaning of the term.
The concept of a market presupposes the existence of certain sorts of property relations in the society involved.
www.jezuici.pl /iss/politdic/m.html   (1962 words)

  
 Department of Agricultural Economics...   (Site not responding. Last check: 2007-10-24)
AES‑612 ECONOMICS OF Concept of population in economics, population theories, Population models, The classifical model, contra‑Malthusian model, Census, vital statistics, age and sex structure, the sexual revolution Vs Quiet Revolution.
Concept of peasantry, characteristics of peasantry with particular reference to Pakistan, approaches to understanding Agrarian changes, systems approaches, decision making approaches,historical approaches, Capital and peasantry, analysis of the peasant farm economy.
The concept and structure of a farm labour, market factors affecting labour efficiency, wage rates, demand and supply of Labour, labour groups, employment full employment, under employment and unemployment, migration of labour, factors, affecting Migration of Labour and impact of Migratory labour on farm production.
www.sau.edu.pk /faculties/ss/eco.html   (1575 words)

  
 EURODOS - Marxism and Mathematical Economics   (Site not responding. Last check: 2007-10-24)
Marxists have usually rejected this whole theory and all concepts and mathematical arguments introduced in connection with it, as if acceptance of it, or elements of it, would necessarily imply a rejection of the labor theory of value.
Thus neither marginal utility and related concepts, nor the mathematics applied to define these concepts, can logically serve to refute the labor theory of value as long as one holds to the assumptions about the production structure contained in the Marxian theory.
Nevertheless, Marxists often seem to refrain in general from using so-called "marginal reasoning" or "marginal concepts." Now, "marginal reasoning" is bound to occur with logical necessity whenever there is a question of maximizing or minimizing something, and this occurs in many connections in the analysis of economic problems.
www.xs4all.nl /~eurodos/docu/econ/johansen-1963.html   (551 words)

  
 AmosWEB eTutor: Consumer Demand: Lesson Menu
Marginal utility as the extra satisfaction received from consuming one unit of a good.
That marginal utility is the slope of the total utility curve.
The relation between the law of diminishing marginal utility and the law of demand.
www.amosweb.com /cgi-bin/prv_lsn.pl?lsn=11   (515 words)

  
 Operating at the Margin
The margin refers to the difference when one additional or one less unit of something is observed.
Discuss the relevance of marginal concepts to the destruction of the rain forest.
The answer to this question, however, is related to the case of the oil sands and the concept of the margin.
www.bized.ac.uk /current/mind/2005_6/060206.htm   (2692 words)

  
 Learning Objectives: Microeconomics   (Site not responding. Last check: 2007-10-24)
Describe the “economic way of thinking,” including definitions of rational behavior, utility, marginal costs, marginal benefits and how these concepts may be used in decision-making.
Define marginal utility and state the law of diminishing marginal utility.
Explain why the marginal revenue is equal to the price in pure competition but not in monopoly.
staff.bcc.edu /arieger/LearningObjectivesECO203.htm   (2837 words)

  
 bp_casefair_econf_7e|Input Demand: The Labor and Land Markets|Input Markets: Basic Concepts|Marginal Revenue Product
Marginal revenue product (MRP) is the revenue produced by selling the good or service that is produced by the marginal unit of labor.
In a competitive firm, marginal revenue product is the value of a factor’s marginal product.
The marginal product and marginal revenue product curves are graphed in Figure 9.2.
wps.prenhall.com /bp_casefair_econf_7e/0,8233,2031001-,00.html   (161 words)

  
 [No title]   (Site not responding. Last check: 2007-10-24)
:   This concept is useful for describing and quantifying the amount of social welfare lost in the case of particular interventions.
Marginal valuation is the extra benefit that a consumer obtains from consuming one extra unit:  MV(q) = DV(q)/Dq.
Marginal revenue is the change in total revenue associated with a (small) change in quantity:  MR = DR(q)/Dq.
faculty.insead.edu /john/toolbox.htm   (4240 words)

  
 Deconstruction Example
To apply the deconstructive method, he would have searched architectural discourse for marginal concepts, ones that were explicitly or implicitly excluded as irrelevant or uninteresting.
A marginal concept is treated as one half of a "binary opposition"; the other half is the "privileged" or central concept.
Another fruitful approach is to show how the marginalized concept forces itself into all discussion of the central one.
c2.com /cgi-bin/wiki.pl?DeconstructionExample   (627 words)

  
 GTA Teaching - Introduction
understand and describe the concepts of balance of payments and its components, as well as the determinants of exchange rates.
The student should also be able to determine in a given economic decision which costs and benefits are relevant (e.g., marginal) and which are not (e.g., sunk).
describe the concepts of Excess Demand, Excess Supply and Equilibrium Quantities and Prices, and should be able to predict changes in each as a result of changes in the underlying determinants of market demand and supply or government intervention.
www2.gsu.edu /~ecojxm/gta/gtalearn.htm   (618 words)

  
 Marginal Concepts   (Site not responding. Last check: 2007-10-24)
Please look for Marginal Concepts, Orthogonality and Orthogonality Definition to find more Marginal Concepts information.
Amazon.com: Alternative concepts of marginal cost for public utility pricing: Problems of application in the water supply sector (World Bank staff
Estates valued at $1,500,000* or more in 2005 are subject to a marginal estate tax rate up to 48%.
www.marginalconcepts.info   (249 words)

  
 Defense Resources Management Institute Course Content
Introduces some basic concepts in statistics and illustrates how they are used to aid decision making under uncertainty with complete information.
The concept of an hypothesis is introduced and its construction is discussed.
The concepts introduced in lecture are examined through the application of illustrative problems and case studies, including:
www.nps.navy.mil /drmi/lectures.htm   (1320 words)

  
 Gottheil SG Marginal Utility and Consumer Choice
We'll find that the explanation for the law of demand lies in the concepts marginal utility, total utility, and the marginal-utility-to-price ratios for different goods.
Some other new concepts that are presented in this chapter to help us understand consumer choice include the law of diminishing marginal utility, consumer surplus, and interpersonal comparisons of utility.
Test your understanding of the chapter's concepts with the interactive quiz.
www.swlearning.com /economics/gottheil/marginal_utility.html   (803 words)

  
 Microeconomics with Dr. Sanjay Paul
Assume a value for the marginal product of the 3rd pound of steel.
At the optimal point, the marginal revenue product of steel is $_______/lb.
Construct an example using 101, 102, 103, 104 and 105 workers, and corresponding output levels, to illustrate the law of diminishing marginal returns.
www.snc.edu /econ/sp/ec202/exercise-sets/set110mpl.html   (408 words)

  
 MARGINAL TAX RATES   (Site not responding. Last check: 2007-10-24)
Marginal Estate Tax Rates for 2004 Home CB; Educational Information CB; Estate Planning Concepts CB; Marginal Estate Tax Rates for 2004 Estates valued at $1,500,000* or more in 2004 are subject to a marginal...
This can mean that there are a considerable number of marginal tax rates as a person's taxable income moves up through the Federal and Provincial threshold levels...
Marginal and Effective Tax Rates Knowing your income tax rate can help you calculate your tax liability for unexpected income, retirement planning or investment income.
marginal1.taxus.biz /index1.aspx   (519 words)

  
 Summary
The major theme of the previous reading selections was that to make a profit, a business must successfully deal with three constraints or boundaries: the demand curve for output, the production function, and supply curves for inputs.
The table below shows how these concepts are related to the functions of the business and to the marginal concepts that are central in microeconomics.
The importance of these three constraints can be seen in a product that no firm can produce at a profit.
www.ingrimayne.com /econ/TheFirm/Summary.html   (176 words)

  
 Concept Map Rubric   (Site not responding. Last check: 2007-10-24)
Marginal - Concepts are not appropriate and lack insight and clarity
Above Average - Concepts are linked but lack depth and insight
Marginal - Few concepts are presented and linked
mailer.fsu.edu /~slynn/conceptmaprubric.html   (50 words)

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