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Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
Edition 20ISBN: 978-1308221281Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
Edition 20ISBN: 978-1308221281 Exercise 2
Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit. LO1
Explanation
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The economic decisions are made on the basis of marginal benefit (MB)nd 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.
Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
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