Decision making by individuals and firms - Making how much decisions: the role of Marginal Analysis - Marginal cost
6 important questions on Decision making by individuals and firms - Making how much decisions: the role of Marginal Analysis - Marginal cost
Which ones changes and which one stays constant Explicit costs or implicit costs?
implicit costs change every year
What is the additional cost incurred of producing one more unit of a good or service? And why is it important?
It is important because a decision at a margin can help us figure out whether that decision what the best one to make?
What is the total cost of producing a good or service? And how can we find it using marginal cost?
total cost = Marginal cost + plus all the previous cost that were incurred
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Explain the marginal cost curve? What does it represent? And what are the curves?
- Marginal cost curve is the graphical representation of the marginal cost.
- it represents what each additional unit producing would cost the producer
- the height of graph represents the Marginal cost
- the horizontal axis represents the quantity produced
- the height of each shaded bar corresponds to the marginal cost of a given year of schooling and in this case it keeps increasing
How do we describe constant marginal cost of a decision to produce on addtional unit. And what type of marginal cost do we exhibit in the graph?
- This occure when the cost of producing one addtional unit of the good is the same as the cost of producing the previous good
- the marginal cost curve is a horizontal and all the shaded bars are the same height
How do we describe decreasing marginal cost of a decision to produce an additonal unit? And what type of marginal cost do we exhibit in the graph? Why does it occur in production?
- This occurs when the cost of producing one additional unit of the good is the smaller than the cost of producing the previous unit.
- the marginal cost curve is downward sloping
- It occurs because of the learning effect in production
- the learning effect is when a good is at the early stage of production there can be a lot of mistake as a result of inexperienced production, however as more units start getting produced, with more experience the we get a decreasing marginal cost
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