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producing a good or service is the additional cost incurred by producing one more unit of that good or service
marginal cost curve
shows how the cost of producing one more unit depends on the quantity that has already been produced
good or service is the additional benefit derived from producing one or more good or service
decreasing marginal benefit
activity when each additional unit of the activity produces less benefit than the previous one
marginal benefit curve
shows how the benefit from producing one more unit depends on quantity that has already been produced
principle of marginal analysis
optimal quantity is the quantity at which marginal benefit i equal to marginal costs
present value formula
amount of money you must kend out to make sure you have the same as when you started
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