Please enable JavaScript.
Coggle requires JavaScript to display documents.
PARTICIPANTS & MARGINAL ANALYSIS, participant_0, preview-chat-CTA…
PARTICIPANTS &
MARGINAL
ANALYSIS
MARGINAL ANALYSIS
COMPANIES USE MARGINAL
ANALYSIS AS A
ANALYSIS AS A DECISION-MAKING
TOOL TO HELP THEM
MAXIMIZE THEIR POTENTIAL PROFITS.
ANALYSIS OF THE
MARGINAL COSTS
MARGINAL BENEFIT
IS AN EXAMINATION OF
THE ADDITIONAL BENEFITS OF
AN ACTIVITY COMPARED
TO THE ADDITIONAL COSTS
INCURRED BY THAT SAME ACTIVITY.
THE MARGINAL COSTS
IMPLICIT COSTS
THE OPPORTUNITY COSTS
OR FORGONE BENEFITS,
OF A DESICION
THAT ARE IN NON-MONETARY FORM
EXPLICIT COSTS
EASILY ACCOUNTED COSTS
TRANSACTED IN MONETARY FORM
PARTICIPANTS
IT MEASURES THE
TOTAL ACTIVE POPULATION
PARTICIPATING IN THE
LABOR FORCE.
ECONOMIC PARTICIPANTS
FIRMS
HAVE AN INCENTIVE TO
MAXIMIZE PROFIT
GOVERMENT
HAS INCENTIVE TO
MAXIMIZE GENERAL WELFARE
CONSUMERS
HAVE AN INCENTIVE TO
MAXIMIZE UTILITY
ECONOMIC PARTICIPATION REFERS
TO THE LABOR
RATE OF PARTICIPATION.
TERMS
WANTS
SOMETHING YOU DESIRE
THAT IS UNNECESSARY
FOR SURVIVAL
NEEDS
A BASIC REQUIREMENT
FOR SURVIVAL WITHOUT
WHICH YOU CANNOT LIVE
