The concept of the margin (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
11 questions from this quiz
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Practise the questions
11 questions from this quiz
What does 'margin' refer to in economics?
What does 'margin' refer to in economics?
The impact of one more unit
What is marginal utility?
What is marginal utility?
Additional satisfaction from one more unit
What does total utility measure?
What does total utility measure?
Overall satisfaction from total quantity
What principle describes diminishing marginal utility?
What principle describes diminishing marginal utility?
Extra satisfaction decreases with more units
What is the formula for marginal cost?
What is the formula for marginal cost?
How is marginal revenue calculated?
How is marginal revenue calculated?
If 5 units cost £100 and 6 units cost £120, what is the marginal cost?
If 5 units cost £100 and 6 units cost £120, what is the marginal cost?
£20
If 5 units earn £200 and 6 units earn £230, what is the marginal revenue?
If 5 units earn £200 and 6 units earn £230, what is the marginal revenue?
£30
If 2 apples give 15 utility units and 3 apples give 20 units, what is marginal utility?
If 2 apples give 15 utility units and 3 apples give 20 units, what is marginal utility?
5 utility units
Why does the demand curve slope downward?
Why does the demand curve slope downward?
Due to diminishing marginal utility
If MC is £50 and MR is £70 for the 11th widget, should it be produced?
If MC is £50 and MR is £70 for the 11th widget, should it be produced?
Yes, MR exceeds MC by £20