The meaning of the term ‘marginal’ in economics.

Question

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Answer 1

Question

Chapter 4, Problem 1MC

To determine

The meaning of the term ‘marginal’ in economics.

Expert Solution & Answer

Explanation of Solution

Option (c)

In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or return created from producing each additional unit. Therefore, ‘marginal’ represents an increment in something by producing an additional unit of output. Thus, option (c) is correct.

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3. A country has the following production function: Y = K0.2L0.6p0.2 where Y is total output, K is capital stock, L is population size and P is land size. The depreciation rate (8) is 0.05. The population growth rate (n) is 0. We define: y = ½, k = 1 and p = . Land size is fixed. L a) Find out the steady state values of k and y in terms of p, the per capita land size.

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Answer 2

Question

Chapter 4, Problem 1MC

To determine

The meaning of the term ‘marginal’ in economics.

Expert Solution & Answer

Explanation of Solution

Option (c)

In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or return created from producing each additional unit. Therefore, ‘marginal’ represents an increment in something by producing an additional unit of output. Thus, option (c) is correct.

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Answer 3

Question

Chapter 4, Problem 1MC

To determine

The meaning of the term ‘marginal’ in economics.

Expert Solution & Answer

Explanation of Solution

Option (c)

In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or return created from producing each additional unit. Therefore, ‘marginal’ represents an increment in something by producing an additional unit of output. Thus, option (c) is correct.

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Answer 4

Question

Chapter 4, Problem 1MC

To determine

The meaning of the term ‘marginal’ in economics.

Expert Solution & Answer

Explanation of Solution

Option (c)

In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or return created from producing each additional unit. Therefore, ‘marginal’ represents an increment in something by producing an additional unit of output. Thus, option (c) is correct.

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Answer 5

Chapter 4, Problem 1MC

To determine

The meaning of the term ‘marginal’ in economics.

Expert Solution & Answer

Explanation of Solution

Option (c)

In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or return created from producing each additional unit. Therefore, ‘marginal’ represents an increment in something by producing an additional unit of output. Thus, option (c) is correct.

Answer 6

Chapter 4, Problem 1MC

To determine

The meaning of the term ‘marginal’ in economics.

Expert Solution & Answer

Explanation of Solution

Option (c)

In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or return created from producing each additional unit. Therefore, ‘marginal’ represents an increment in something by producing an additional unit of output. Thus, option (c) is correct.

Answer 7

Chapter 4, Problem 1MC

To determine

The meaning of the term ‘marginal’ in economics.

Answer 8

Expert Solution & Answer

Explanation of Solution

Option (c)

In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or return created from producing each additional unit. Therefore, ‘marginal’ represents an increment in something by producing an additional unit of output. Thus, option (c) is correct.