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Microeconomics- Marginals in Economics

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What is a "marginal" and why is it so important in microeconomics?

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Solution Summary

This is an explanation of marginals in economics, including marginal cost, revenue, and product. A basic example of marginals is included.

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Marginals in economics just refers to an incremental or additional amount. Most of the time when looking at a marginal change in economics, it is referring to a one unit change in cost, revenue, tax rate, etc. Microeconomics focus on the interaction between consumers and firms. So, normally when dealing with marginals, microeconomics is looking at marginal cost, marginal product, and marginal revenue. If we are ...

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