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Why is the marginal benefit curve downward sloping and why is the marginal cost curve upward sloping?
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- Define marginal benefit. Show the efficient point using a marginal cost/benefit diagram.Why do marginal costs tend to rise, and marginal benefits tend to fallA student has 100 pencils and 400 pens, B student has 150 pencils and 200 pens, C student has 350 pencils and 50 pens. Find the opportunity cost of each student and graph the marginal opportunity cost curve of pens?
- As depicted in -- -, it is necessary to give up some of one good to gain more of the other good. a) the production possibilities frontier graph b) the concept of marginality c) the concept of utility d) allocative efficiencyWhat is the main idea behind the concept of allocation of resources?In a production possibilities curve, is a change from inefficiency to economic efficiency obtained by ...?