FACTOID #53: If you thought Antarctica was inhospitable, think again - its land area is only ninety-eight percent ice. Reassuringly, the other 2% is categorised as "barren rock".
Marginal demand is the term in economics that refers to the change in demand for a product or service in response to a specific change in its price.
Normally, as prices for goods or service rise, marginal demand falls. And conversely, as prices for goods or services fall, marginal demand rises.
A product or service where price changes cause a relatively big change in marginal demand is said to have an elastic market. A product or service where price changes cause a relatively small change in marginal demand are said to have an inelastic market.
Marginal costs were lowest in central Tennessee unless the facility demand was greater than 2.7 million dry Mg per year (3 million dry tons per year) in which case west Tennessee was the lowest cost region.
Marginal costs rose rapidly with increasing facility demand in the mountainous eastern portion of the state.
Once the marginal costs for a specific demand level were extracted from the curves for the 21 locations they were grouped by their region - east, central, west as were the mean transportation costs and farmgate prices.
Marginal analysis for finding the profit maximizing quantity for a firm to produce (where marginal revenue is equal to marginal cost).
Use marginal analysis to find the profit maximizing quantity for the monopoly and be able to do this using a graph of average total cost, marginal cost, demand and marginal revenue.
The elasticity of demand for labor (same as how fast the MRP of labor drops) depends on the elasticity of demand for the finished product, how severe the diminishing returns are, and whether or not there is a substitute for labor.
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