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Economics 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
Edition 20ISBN: 978-0077660772Economics 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
Edition 20ISBN: 978-0077660772 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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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 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 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
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