The world of microeconomics and business decision-making hinges upon a key concept: marginal cost. In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of ...

What Is Marginal Propensity to Save? Marginal propensity to save (MPS) is used by economists to quantify the relationship between changes in income and changes in savings. It refers to the proportion ...

Effective and marginal tax rates might not be familiar terms. However, they’re essential concepts to understand because they determine how much income you’ll have to fork over to the government every ...