as it is below the average total cost curve. The difference in total cost between two levels of output is divided by the difference in output to arrive at the marginal cost (MC). Total cost divided by ...

3. The marginal product of input 1 derived from the production function y=min[az 1, bz 2], diminishes for increases in input 1. 4. If the average product is declining, then average total cost must be ...

In his new book, The Zero Marginal Cost Society, Rifkin argues that we are about to enter an era when the Internet of Things, “free” energy, and what he calls “the collaborative commons” will make ...