Question: We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal

We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal benefit versus marginal cost.

Could you think in situations that you could use opportunity cost, marginal benefit and marginal cost concepts to make your own decisions? Provide examples.

Step by Step Solution

★★★★★

3.37 Rating (147 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Answer Lets consider examples where opportunity cost marginal benefit and marginal cost concepts can be applied to make decisions Opportunity Cost Exa... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

I started but I got stuck and I don't know how to continue. Please help. My code is below, and the whole assignment is in the photos. import javafx.application.Application; import javafx.event.*;...

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Five years after buying his first sewing machine, Scott Hunter was telling friends about the conversation with Yvon Chouinard, the legendary rock climber and environmental advocate who founded the...

importance of workalike balance for women as a leader in healthcare. 1. The purpose of the research; 2. Research question/s; 3. Findings and relevant data; 4. Any recommendations and; 5. The...

We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal benefit versus marginal cost. Could you...

Opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal benefit versus marginal cost. Could you think in situations that...

4 Files 12:47 PM Mon May 16 Insert Draw Layout Review View Unit 3Microec0nomics Name: ELASTICITY Use the space below to take notes during class. Elastic: Unit Elastic: Inelastic: Perfect...

Can you please help me answer two questions based on the readings below. 1 How would you contrast the mainstream economics view of consumer behavior in 9.3, with the demand curve in general, and also...

Chapter 10 from Mastering Strategic Management was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 license without attribution as requested by the...

1. When Algorithms Decide What You Pay YOU MAY NOT REALIZE IT, but every website you visit is created, literally, the moment you arrive. Each element of the page the pictures, the ads, the text, the...

A person from the United States is selected at random. What is the probability that the persons triglyceride level is between 100 and 150? Use technology to find the probability. a. Read the users...

Donald Trump sets tax cigarettes from Mexico. He said that the tax obtained from cigarettes will be used to build a US-Mexico border wall. "Mexico pays the construction of the Wall with taxes," he...

[ - / 1 Points ] DETAILS MY NOTES SCALCET 9 2 . 3 . 0 1 8 . Evaluate the limit , if it - exists. ( If an answer does not exist, enter DNE. ) lim x - 8 2 x 2 1 5 x - 8 x 2 - 6 4 Need Help?

Determine whether the following statements are true or false then EXPLAIN why. If the aggregate supply curve is steep, then changes in fiscal and monetary policy will have major impacts on prices...

Q-Your group was given the task of supervising the EVENT of IMS spring Food Festival with fresh Entrepreneurs .Discuss how you as the leader of the group . a-Ensured an effective communication both...

The following sentence appears early in this chapter: There are three reasons that most entrepreneurial ventures need to raise money during their early life: cash flow challenges, capital...

A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some time, the employee seeks assistance in...

Alex is a carpenter who purchased a vacant block of land in Sydney on 1 October 1980. On 1 September 1986, Alex built a house on the land. At the time, the land was valued at $110,000 and the cost of...

A shaft carries five masses A, B, C, D and E which revolve at the same radius in planes which are equidistant from one another. The magnitude of the masses in planes A, C and D are 50 kg, 40 kg and...

What provisions should you have in your shareholders agreement? What kind of salary will you draw? When will you draw it? What provisions do you have for disposition of equity (e.g., death,...

What do you expect your cash conversion cycle to be? Is there a way to improve it? What accounts receivable terms are common in your industry? How should you manage accounts receivable?

What guerrilla tactics can you use to create a buzz? How will you get your products buzz to be heard above the noise?

We have been told that we live in an information age. Argue for or against that statement.

What are thought to be (within conventional economics) the main characteristics of homo economicus (or economic man)?

What does surplus energy mean to civilizations?