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Aaron S.
College Senior with 5 Years Tutoring Experience
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Economics
TutorMe
Question:

Define Marginal Cost

Aaron S.
Answer:

Marginal Cost is the additional cost of producing one more unit of production. For example, the total cost of producing one car is $10,000 and the total cost of producing two cars is $18,000, then the marginal cost of expanding output by one unit is $8,000 ($18,000-$10,000=$8,000).

Finance
TutorMe
Question:

Your total cash income is $480,000. You pay $48,000 in taxes and $360,000 in other expenses. What is your savings ratio?

Aaron S.
Answer:

Savings Ratio = 15%

Business
TutorMe
Question:

What are the 4 main functions of management?

Aaron S.
Answer:

The four main functions of management include planning, organizing, leading, and controlling.

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