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At the end of 2011, the government of France's debt was €1,126 billion. (€ is euro, the currency of France) . In 2012, the government spent €1,067 billion and ended the year with a debt of €1,304 billion. How much did the government receive in tax revenue in 2012?
Marginal Cost
The cost of producing one additional unit of a good or service, often varying with the level of production.
Fixed Cost
Expenses that do not change with the level of production or sales, such as rent or salaries.
Total Fixed Costs
The sum of all costs that remain constant regardless of any change in a company's production volume.
Diminishing Returns
A principle stating that if one input in the production of a commodity is increased while other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
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