Why is marginal analysis important in economics

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Reference no: EM13144714

*Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions?

a) what is Marginal Analysis? (b) Why Is Marginal Analysis Important in Economics? (c) What is the role of Marginal analysis?

Suppose a firm's inverse demand curve is given by P = 120 - .5Q, and its cost equation is C = 420 + 60Q + Q2.

(a) Calculate Price (P), Total Revenue (TR), Marginal Revenue,(MR) Total Cost (TC), Marginal Cost (MC), Total Profit and Marginal Profit for Q =15...35.

Q	P	TR	MR	TC	MC	Total Profit	Marginal Profit
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

Reference no: EM13144714

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