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https://study.com/academy/lesson/marginal-analysis-in-economics-definition-formula-examples.html#lesson

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Having a made profit with the sixth worker, the business would hire the seventh and eighth workers for the same reason. The profit-maximizing quantity of output is reached when marginal cost and marginal revenue are equal.

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A type of decision making that compares the extra benefits of an action to the extra costs of taking the action.

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A type of decision making that compares the extra benefits of an action to the extra costs of taking the action.

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All the revenue that a business receives.

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When a business knows about its costs, it can find the level of production that generates just enough revenue to cover its total operating costs. This is called the break-even point. However, it only tells the firm how much it has to produce to cover its costs.

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Many stores are flocking to the internet, making it one of the fastest-growing areas of businesses today. People engaged in e-commerce- an electronic business conducted over the internet- do not need to spend a large sum of money to rent a building and stock it with inventory.

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The extra cost incurred when producing one more unit of input. Marginal cost is more useful than total cost because it helps us with profit maximization.

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This shows the total cost of production, which is the sum of the fixed and variable costs.

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Costs that change when the business's rate of operation or output changes. For most businesses, the largest variable cost is labor.

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The costs that an organization incurs even if there is little or no activity. Total fixed costs sometimes remain the same or are called overhead. Fixed costs include depreciation.

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If too many workers are added, they will get in each others way and cause output to fall.

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Total production keeps growing, but it does so by smaller and smaller amounts. Each additional worker is making a positive and contributing to the total output. Diminishing returns- the stage where output increases at a diminishing rate as more variable inputs are added.

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The phase in which the marginal product of each additional worker increases. When more workers are added they can cooperate with each other to make better use of their equipment.

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The extra output or change in total product caused by adding one more unit of variable unit. The sum of the marginal products is equal to the total product. Three stages of production: increasing returns, diminishing returns, and negative returns.

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The total product is the total output produced by the firm. This is a short term relationship because the figure assumes that only the amount of labor varies while the amount of labor varies while the amount of other resources used remains unchanged.

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When economists analyze production, they focus on the short run; a period so brief that only the amount of the variable input can be changed. Other changes take place in the long run, a period long enough for the firm to adjust the quantities of all productive resources, including capital.