What at the definitions to these?

1 ⤊

What at the definitions to these?

Total Benefit- ??

Marginal Benefit- ??

2006-09-30 14:05:27 · 2 answers · asked by Shane W 1 in Social Science ➔ Economics

2 answers

Consumer Surplus - the difference between what you pay and what you are willing to pay

Total Benefit- Add up all the surplus from all the consumers

Marginal - The difference made by one extra unit of something. Marginal revenue is the extra revenue earned by selling one more unit of something.

Marginal Benefit - the added benefit added to total benefit by one more unit sold

2006-09-30 23:14:37 · answer #1 · answered by JuanB 7 · 1⤊ 0⤋

Depends if you are talking to a Lawyer or a Insurance Company.

2006-09-30 21:12:21 · answer #2 · answered by Jack C 3 · 0⤊ 1⤋