边际效益英文翻译（Understanding Marginal Benefit A Comprehensive Guide）

Understanding Marginal Benefit: A Comprehensive Guide

In economics, marginal benefit refers to the additional benefit that an individual or a society derives from the consumption of another unit of a good or service. The concept of marginal benefit is crucial in decision-making because it helps us determine whether or not to continue consuming a good or service. In this article, we will explore what marginal benefit is, how it is calculated, and how it affects the behavior of individuals and economies as a whole.

Defining Marginal Benefit

Marginal benefit is the change in total utility that results from consuming one more unit of a good or service. In simple terms, it is the additional satisfaction that an individual or a society gets from consuming one more unit of a good or service. It is important to note that marginal benefit decreases as the consumption of a good or service increases.

Let us take an example of a person who loves pizza. The first slice of pizza that the person consumes gives him a lot of satisfaction, the second slice gives him some satisfaction, and the third slice gives him even less satisfaction. Eventually, the person reaches a point where consuming another slice of pizza does not give him any satisfaction at all. In this scenario, the marginal benefit of consuming pizza decreases with every slice that the person consumes.

Calculating Marginal Benefit

Marginal benefit is calculated by dividing the change in total benefit by the change in the quantity consumed. Mathematically, we can represent marginal benefit as: Marginal Benefit = (Change in Total Benefit) / (Change in Quantity Consumed) Let us again take the example of a person who loves pizza. Suppose the person gets 10 units of total satisfaction from consuming two slices of pizza. After consuming a third slice of pizza, the person’s total satisfaction increases to 13 units. Therefore, the marginal benefit of consuming the third slice of pizza is: Marginal Benefit = (13 - 10) / (3 - 2) = 3 This means that the person gets an additional satisfaction of 3 units from consuming the third slice of pizza.

Implications of Marginal Benefit

Understanding the concept of marginal benefit can help individuals and societies make important decisions. In general, it is optimal to continue consuming a good or service as long as the marginal benefit is greater than the marginal cost. Marginal cost refers to the additional cost of producing or consuming another unit of a good or service. In other words, it is the opportunity cost of using resources to produce or consume a good or service. It is important to note that the marginal cost generally increases as the consumption of a good or service increases. For example, consider a person who is deciding whether or not to buy a new car. Suppose the person values the car at $30,000 and the marginal cost of the car is $25,000. In this case, the person should buy the car because the marginal benefit of having the car is greater than the marginal cost of buying it. Similarly, societies should continue producing a good or service as long as the marginal benefit is greater than the marginal cost. This is because producing the good or service increases the overall welfare of the society. In contrast, if the marginal cost of producing a good or service exceeds the marginal benefit, then it is not optimal to produce that good or service. In conclusion, understanding marginal benefit is crucial in decision-making because it helps individuals and societies determine whether or not to continue consuming or producing a good or service. By comparing the marginal benefit with the marginal cost, individuals and societies can optimize their decisions and achieve greater welfare.