1. marginal change in total cost resulting from an action 2. marginal benefit change in total benefit resulting from an action 3. marginal cost change in total utility resulting from an action 4. marginal utility happiness; satisfaction 5. utility extra or additional (in economics)

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Ashleigh Stuart

Business

3 September, 04:33

1. marginal change in total cost resulting from an action 2. marginal benefit change in total benefit resulting from an action 3. marginal cost change in total utility resulting from an action 4. marginal utility happiness; satisfaction 5. utility extra or additional (in economics)

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Colten · Answer 1

The production function appears within the microeconomic analysis as one of the two determining elements of a company's sustainability. An entrepreneur who tries to reach a situation of equilibrium of the company must take into account the technological characteristics of its facilities and the possibilities of using them that provide the affected productive techniques. Finally, you should consider the cost of the production process.

Explanation:

-The marginal cost is the change in the total cost associated with the change in the quantity of product per unit of time. The discrete marginal cost is the change in the total cost attributed to a change of 1 unit in the quantity of product. The continuous marginal cost is the rate of change in the total cost as production changes.

-When talking about marginal benefit, it refers to the benefit, satisfaction or happiness that a person receives for the consumption of an additional unit of a service, for example, when buying a house, factors such as time and gasoline that will be saved when living near work are marginal benefits.