What is marginal analysis? How does it relate to the Law of Diminishing Returns for a company?

Let's define some key terms. Marginal means the effect of adding 1 extra unit to, or subtracting 1 unit from, a particular variable or factor of production. Marginal product is the additional output that results from a firm which adds one more additional unit of labour or other input of production to the production process.

Marginal Cost is the increase in total cost that results from producing one more unit of output to a production process. Marginal costs reflect changes in variable costs, which are any cost that a firm bears that depends on a level of production chosen. (For all definitions in this section, I have relied on The Concise Dictionary of Economic Terminology, a valuable dictionary of economic terms which you can find in Karl E.

Case et al. , Principles of Microeconomics, Scarborough: Prentice-Hall Canada Inc. , 1998, pp.

605-611.) Marginal analysis is concerned with questions of allocative efficiency. For example, how well inputs of production are allocated to various ... more.

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