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What is marginal benefit?
What is a marginal benefit curve?
What is the difference between marginal cost and marginal benefit?
What is a negative marginal benefit?
Aug 22, 2023 · A marginal benefit is a maximum amount a consumer is willing to pay for an additional good or service. It is also the additional satisfaction or utility that a consumer receives when the...
- Will Kenton
- 1 min
To get a better intuition about how much a consumer values a good in a market, we think of demand as a marginal benefit curve. In this video we look at the demand curve from a marginal benefit framework. Created by Sal Khan.
- 6 min
- Sal Khan
- What is the definition of Marginal Benefit?A hint: when you read XXXXX marginal, interpret as XXXXX additional.
- I wonder if a previous video on how to look demand curve as marginal benefit curve is missed. I tota...You should watch everything in https://www.khanacademy.org/science/microeconomics/supply-demand-equilibrium first.
- Can somebody please explain to me what marginal benefits is and give me some examples?Marginal benefit is the added benefit of each additional unit(thing) consumed. For example, You are thirsty. You drink a glass of water. Now that y...
- Where can I find the video Sal mentioned where he introduces PPF?Sal covers the Production Possibility Frontier(PPF) here : http://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tuto...
- I would think that marginal benefit was defined as "the _extra_ benefit gained from increasing the q...Remember that the word "marginal" means "the next one". You're going to want to think in terms of consumers on this one. Let's say you're hungry, a...
- sal gives the p.p.f (production possiable fruntier) as an axemple (3:58), where can i find the relev...http://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/production-possibilities-fr...
- Even if there is 1 car why would the customers gets excited to pay $60 K? Instead they could wait un...That is the whole point of economics, predicting consumer habits. Some of us will wait (I'm assuming you will) but others will want to get the prod...
- So for the 1st unit the marginal benefit would be 60?Yes, it is. Sal does mention that the marginal benefit for the 3rd car is 40 at 3:30 But basically, the marginal benefit for the 3rd consumer is 40...
- What are the 4 factors of production ?Everyone in economics can agree on three: *Land*, *Labor*, and *Capital*. However, it is debated that there is a fourth: *Entrepreneurship* or *Ent...
The marginal benefit curve tells us what happens when we pass from one point to another on the total benefit curve, so we have plotted marginal benefits at the midpoints of the hourly intervals in Panel (c).
Marginal benefit is the maximum amount that a customer is willing to pay for an additional unit of good or service. When the utilization of a unit decreases, the marginal benefit for a customer decreases.
Allocative efficiency is achieved when I reach the point where I'm fine with both grades, or (to put it another way) when I think I'm giving up too much for one grade over the other, and vice versa. This can be expressed in the form where Marginal Cost= Marginal Benefit.
- 14 min
- Sal Khan
- So wait if MB is what you are willing to pay what is MC?? I got a little lost in the process.Ok...the MC (Marginal* Cost) is something that can be determined mathematically: it is essentially equivalent to the opportunity cost, aka what you...
- I got a little confused between the definitions of marginal cost and opportunity cost.please helpMarginal cost = opportunity cost of one more unit Opportunity cost = highest-valued alternative we must give up to get something (the total amount...
- how Did he calculate the Marginal Benefit starting from 8.46 ?He made those numbers up on the spot. There's no math behind it.
- I thought it was called marginal utility, not marginal benefit?I did some research and marginal utility and marginal benefit are almost the same. The only difference is that marginal benefit is measured in doll...
- So, marginal benefit is marginal revenue later, am I right?No: Revenue is a supplier concept, while benefit is a consumer concept.
- what if at the end of the day you got 5 rabbits and on your way home and you just so happen to stumb...I can see where your question is coming from, and it's a good one. The PPF works on a set of assumptions and conditions. Very crucially, it assumes...
- I understand that you must be inside the PPF, but can one get 5 rabbits AND one berry? Say a berry f...Good question. I don't think so, because in this scenario, the person isn't really making an effort to get that one berry, so there aren't any reso...
- Why would it be more beneficial for the hunter/gatherer when the MC=MB wouldn't it be better if the ...It would be beneficial for the hunter/gatherer to remain at a point at which MC is lower than MB, but that is not possible with this person actuall...
If all costs and benefits are captured by the supply and demand curves, then the market outcome is a quantity where marginal social costs equals marginal social benefit. But what if they don't? In this video, see how markets might produce an inefficient quantity.
- 7 min
