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In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. [1] In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount.
In 2007, MIT OpenCourseWare introduced a site called Highlights for High School that indexes resources on the MIT OCW applicable to advanced high school study in biology, chemistry, calculus and physics in an effort to support US STEM education at the secondary school level. In 2011, MIT OpenCourseWare introduced the first of fifteen OCW ...
OpenCourseWare was introduced and adopted in Japan. In 2002, researchers from the National Institute of Multimedia Education (NIME) and Tokyo Institute of Technology (Tokyo Tech) studied the MIT OpenCourseWare, leading them to develop an OCW pilot plan with 50 courses at Tokyo Institute of Technology in September. [43]
Microeconomics analyzes the market mechanisms that enable buyers and sellers to establish relative prices among goods and services. Shown is a marketplace in Delhi. Shown is a marketplace in Delhi. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce ...
MIT Open Learning is a Massachusetts Institute of Technology (MIT) organization, [1] [2] headed by Dimitris Bertsimas, [3] that oversees several MIT educational initiatives, such as MIT Open CourseWare, MITx, [4] MicroMasters, [5] MIT Bootcamps [6] and others.
In microeconomics, the marginal factor cost (MFC) is the increment to total costs paid for a factor of production resulting from a one-unit increase in the amount of the factor employed. [1] It is expressed in currency units per incremental unit of a factor of production (input), such as labor , per unit of time.
Within economics, margin is a concept used to describe the current level of consumption or production of a good or service. [1] Margin also encompasses various concepts within economics, denoted as marginal concepts, which are used to explain the specific change in the quantity of goods and services produced and consumed.
Microeconomics is closely related to Managerial economics through areas such as; consumer demand and supply, opportunity cost, revenue creation and cost minimization. [5] Managerial economics inculcates the application of microeconomics application and makes use of economic theories and methods in analyzing a business and its management.