Reflect on the concepts and differences between benefit, marginal benefit, cost, and marginal cost. We have...

Reflect on the concepts and differences between benefit, marginal benefit, cost, and marginal cost. We have applied these ideas to several scenarios: tax rates, how many employees should a firm hire, and how many years of education should an individual pursuit. Outside of the examples we have discussed, describe an application of the ideas of marginal benefit/cost to a situation in your personal or professional life. Clearly explain the difference between total benefit and marginal benefit and total cost and marginal cost in the context of your example.

Expert Solution

Total benefits are the overall benefits which has been derived by an individual out of any project or any commodity whereas marginal benefits will mean that all such benefits which will be derived by an any individual by having any additional unit of product so it is additional benefit which has been derived by any consumer.

Total benefits are generally the sum of overall marginal benefits, whereas marginal benefits will be related to additional benefits derived out of consumption of any additional product.

Total cost is the combination of all the fixed as well as variable cost associated with production in a company whereas marginal cost will be the cost related to production of any additional cost and unit of product.

Total cost will be combination of all the marginal cost and marginal cost are individually represented.

jeff jeffy answered 2 years ago

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