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Essay / Research Paper Abstract
This 5 page paper looks at the concept and use of economic marginal analysis, considering the calculation and assessment of marginal costs and marginal benefits. The paper makes used of examples to illustrate the concept. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEmarganal.rtf
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Unformatted sample text from the term paper:
use of economic marginal analysis can be seen in many areas of modern life, in the commercial and non commercial contexts.
The concept of marginal analysis in the commercial environment often revolves around the concept of the marginal costs. The basic premise is that the marginal cost is the cost that
will be incurred in making or providing an additional item or service. For example, if an airline is providing a flight there are costs which will be the same no
matter how many passengers are carried, the cost of the fuel, the takeoff and landing slots, and the flight crew are all incurred. The marginal cost of adding another passenger
is minimal, as the majority of the costs have already been incurred, there may be an additional on board meal if needed and a very small amount of additional fuel
could be required, but overall the costs are minimal. In most instances there are scenarios where once the costs of providing goods or services are set up, the marginal costs
of producing additional items will be relatively low (Nellis and Parker, 2006). It is interesting to note that although there is a
theory that marginal costs of producing one more unit given the same fixed costs, there is tendency for marginal costs to increase as the production increases. This is a phenomenon
that is often attributed to the higher levels of inefficiency that can be present as firm get larger and produce more (Nellis and Parker, 2006).
Not all considerations of margin costs are concerned with production. Another area that it is possible to see marginal analysis at work is in areas where processes are
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