Learnin_Plan_2a - Marginal Analysis Economics Moraine Park...

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Marginal Analysis Economics Moraine Park Technical College
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Introduction Understanding Marginal Analysis Learning Plan 2
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Topics of Discussion What is Marginal Analysis Marginal Cost Marginal Benefit Marginal Utility Principle of Diminishing Marginal Utility Law of Diminishing Marginal Returns
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Marginal What is Marginal? Marginal means additional, extra, and incremental Every choice has cost and benefit
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Marginal Cost What is Marginal Cost? Marginal cost is the choice that includes the extra cost to you over and above the costs you have already incurred. What is your marginal cost in this class?
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Other Cost Fixed or Sunk Costs (FC)--Cost that have already been incurred. Or cost that do not vary with changes in output. Variable Costs (VC)--Cost which increase with the level of output. Total Costs (TC)--Cost that is the sum of fixed and variable costs at each level of output.
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Other Cost (Continue) Average Fixed Cost (AFC) is the sum of
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Learnin_Plan_2a - Marginal Analysis Economics Moraine Park...

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