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3.4 Marginal Functions in Economics
3.4 Marginal Functions in Economics

... • If the demand is elastic at p [E(p)>1], then an increase in the unit price will cause the revenue to decrease, whereas a decrease in the unit price will cause the revenue to increase. • If the demand is inelastic at p [E(p)>1], then an increase in the unit price will cause the revenue to increase ...
3.4 Marginal Functions in Economics
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... – What would be the best use of the money spent to make the product ? – Not taking the opportunity to sell at a higher price represents a cost • Examples: – Use the money to grow apples or put it in the bank where it earns interests? – Growing apples or growing kiwis? • Comparisons should be made ag ...
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Click here to view

Choice, Change, Challenge, and Opportunity
Choice, Change, Challenge, and Opportunity

...  Over the output range with increasing marginal returns, marginal cost falls as output increases.  Over the output range with diminishing marginal returns, marginal cost rises as output increases. ...
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Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. The theory has been used in order to explain the difference in wages among essential and non-essential services, such as why the wages of an air-conditioner repairman exceed those of a childcare worker.The theory arose in the mid-to-late nineteenth century in response to the normative practice of classical economics and growing socialist debates about social and economic activity. Marginalism was an attempt to raise the discipline of economics to the level of objectivity and universalism so that it would not be beholden to normative critiques. The theory has since come under attack for its inability to account for new empirical data.Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost. The neoclassical tradition that emerged from British marginalism abandoned the concept of utility and gave marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economic theory.
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