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You may also get corner solutions as you progress in your economic career, but for introductory level classes it is very important to remember that at the optimum, marginal benefit equals marginal cost (mb=mc) If you want help developing your intuition about calculating marginal benefits and marginal costs and how they interact to attain equilibrium i would recommend watching the examples in the video below: So why is it that mb is always equal to mc?
If AC and MC are represented on a graph, the MC curve will cut the AC
We find that optimal quantity by comparing the marginal benefit (mb) and marginal cost (mc) of additional units of the activity This result is consistent with our mb = mc analysis so we should be confident that 70% clean air is the correct amount for this economy The optimal quantity is the one where mb = mc
This exercise provides the opportunity to understand the relationships between marginal and total measures.
Learn how to use marginal analysis to make optimal decisions based on marginal benefits and costs See examples of how to calculate marginal net benefit and apply it to clubbing, drinking, and trade. These curves show how mb and mc change as more units of an activity are performed. M b = m c mb = mc where m b mb stands for marginal benefits and m c mc stands for marginal costs
Where marginal benefits equal marginal costs equilibrium occurs at the quantity where the marginal benefit of consuming or producing an additional unit is exactly equal to its marginal cost. The two sets of cost graphs show us what happens to costs when we produce more These two sets of cost graphs are the total cost graphs (tc, tvc, and tfc) and the average cost graphs (atc, avc, afc, and mc). The horizontal axis represents the quantity of the good or service, while the vertical axis represents the marginal cost and marginal benefit (measured in monetary units or utils).
