|
|
Marginal cost |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Marginal costThe increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output.Similar MatchesMarginal propensity to consumeMarginal propensity to consumeThe fraction of a change in income (or perhaps disposable income) spent on consumption. Contrasts with average propensity to consume. Marginal propensityMarginal propensityThe fraction of a change in income devoted to an activity, such as consumption, importing, or saving. See propensity. Marginal productMarginal productIn a production function, the marginal product of a factor is the increase in output due to a unit increase in the input of the factor; that is, the partial derivative of the production function with respect to the factor. In a competitive equilibrium, the equilibrium price of any factor is its marginal value product in every sector where it is employed. Marginal tax rateMarginal tax rateThe additional tax which someone pays on each £1 increase of his or her taxable income. In the UK the tax bands for 2003-2004 tax year are:10 per cent on the first slice of earnings22 per cent on next slice40 per cent on top sliceUnder the 'progressive' tax system, once someone's earnings take him into the top tax bracket, any extra earnings will be taxed at the top rate. So someone who is in the 40 per cent bracket has a marginal tax rate of 40 per cent. Marginal rate of transformationMarginal rate of transformationThe increase in output of one good made possible by a one-unit decrease in the output of another, given the technology and factor endowments of a country; thus the absolute value of the slope of the transformation curve. Further SuggestionsMarginal efficiency of capitalMarginal value product Marginal utility Marginal propensity to save Marginal rate of substitution Marginal Marginal revenue product Marginal propensity to import Marginal revenue Marginal tax rate Value marginal product |
|
|
|