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Economics 19th Edition by Stanley Brue, Cambell McConnell, Campbell McConnell, Sean Masaki Flynn, Sean Flynn
Edition 19ISBN: 978-0076601783Economics 19th Edition by Stanley Brue, Cambell McConnell, Campbell McConnell, Sean Masaki Flynn, Sean Flynn
Edition 19ISBN: 978-0076601783 Exercise 2
Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.
Explanation
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Verified
The economic decisions are made on the basis of marginal benefit (MB) and marginal costs (MC). There is an economic justification of expanding an economic activity as long as marginal benefit exceeds marginal cost. An optimal production of an economic activity is achieved when MB = MC. Three decisions of mine, which involved marginal benefit and marginal cost, are
1. To buy a movie ticket and a ticket for a soccer match.
2. To buy a book and a t-shirt
3. To buy a notebook and a vacation ticket.
1. To buy a movie ticket and a ticket for a soccer match.
2. To buy a book and a t-shirt
3. To buy a notebook and a vacation ticket.
Economics 19th Edition by Stanley Brue, Cambell McConnell, Campbell McConnell, Sean Masaki Flynn, Sean Flynn
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