Chat with AI
Macroeconomics 8th Edition by David Colander
Edition 8ISBN: 978-0077398088Macroeconomics 8th Edition by David Colander
Edition 8ISBN: 978-0077398088 Exercise 1
At times we all regret decisions, Does this necessarily mean we did not use the economic decision rule when making the decision?
Explanation
Verified
Verified
All the resources are scarce and have limited availability. Economics is study of allocation of resources and it also tries to answer the three basic questions of what to produce, how to produce and for whom the product is produced.Marginal cost is the additional cost of producing one additional unit of product. Marginal revenue is the additional revenue gained by selling one additional unit of product. Opportunity cost is the gain of benefit which isPeople many times regret the decision that they had made but it does not necessarily mean that decisions was not economically sound or economic decision rules were not followed. The events and life is full of uncertainty, many times the decision made is correct at one point but same decision is wrong at other time. Another reason is many decisions are made with insufficient information which increases the risk related to the decision. Passion or desire is also a ruling factor while making decision which decides the viability or feasibility of a decision.
Macroeconomics 8th Edition by David Colander
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
