What Is Marginal External Cost of Production

question 266

Essay

What is marginal external cost of production?

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Definitions:

Algorithm

A systematic, step-by-step procedure, such as a mathematical formula, that guarantees a solution to a problem of a certain type if applied appropriately and executed properly.

Working Backwards

is a problem-solving strategy that involves starting with the goal and sequentially planning the steps in reverse to reach the starting point.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making, but can sometimes lead to cognitive biases.

Mnemonic Devices

Techniques a person can use to help them improve their ability to remember something, often by associating it with something more familiar or patterning.