Microeconomics: What is the difference between opportunity costs and implicit costs? Which of the following costs should not be considered while making decisions in the short run? a. implicit costs b. marginal costs c. opportunity costs d...
Microeconomics: Is there a difference between marginal utility and marginal benefit? What will be the value of marginal utility when total utility is maximized? How do diminishing marginal returns affect total variable cost? What happens when the marginal benefit is equal or exceeded ...
What is the value of the marginal product of labor? Explain how it is computed with an example. What are examples of increasing marginal utility, as opposed to the more commonly discussed diminishing marginal utility? How is the marginal benefit calculated in microeconomics? Describe ...