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You recently joined a study group for your biology class.Prior to joining the study group you read and took notes on each chapter before attending class.Since joining the group,you only take notes on the portion of the chapter that you must explain to the group and rely on the photocopies of your groupmates notes for the remaining sections.Your behavior could be classified as
Marginal Cost
The cost incurred by producing one additional unit of a product.
Concave
A shape or curve that is curved inward, resembling the interior of a circle or sphere.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology constraints.
Marginal Rate Of Transformation
The rate at which one good must be sacrificed in order to produce an additional unit of another good, assuming efficient use of resources.
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