Marginal

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Marginal
The effect per unit of a small change change in any variable.
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Marginal Cost
The extra cost incurred for producing an extra unit.
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Marginal Social Cost
The small cost of an activity as viewd by society, and expressed as the sum of marginal external cost and marginal private cost.
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Marginal Revenue
The extra revenue gained from producing an extra product.
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Marginal Utility
The addition of an individuals utility from a small increase in consumption of any good.
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Other cards in this set

Card 2

Front

Marginal Cost

Back

The extra cost incurred for producing an extra unit.

Card 3

Front

Marginal Social Cost

Back

Preview of the front of card 3

Card 4

Front

Marginal Revenue

Back

Preview of the front of card 4

Card 5

Front

Marginal Utility

Back

Preview of the front of card 5

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