ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Marginal benefit is the maximum amount a consumer will pay for one additional good or service. Marginal benefit generally decreases as consumption increases. Marginal cost of production is the change in cost for making one additional good or incremental unit of service.

Detailed explanation-2: -marginal benefit-Measures the advantages of producing one additional unit of a good and/or service.

Detailed explanation-3: -The value of one more unit of a good or service is its marginal benefit. Marginal benefit can be measured as the maximum price that people are willing to pay for another unit of the good or service.

Detailed explanation-4: -Marginal benefits can be calculated by taking the number of units produced and dividing it by the change in total cost of the unit price.

Detailed explanation-5: -The additional utility that the consumer derives from the additional consumption of any commodity is called marginal utility.