Total Benefit

Graphically, it can be expressed as the area underneath the supply curve up to the quantity produced. See Figure 5.a.1 below. Figure 5.a.1: The total cost to produce the first unit of the good is $1 (Area 1). The cost of producing an additional unit of the good is an additional $2 (Area 2) for a total cost of $3 (Area 1 +Area 2) to produce a ... ................
................