Quick Answer: When Hassan Does Gymnastics For Two Hours?

Was Kate’s decision to play for an additional hour rational?

If marginal benefit exceeded marginal cost, Kate’s decision was rational. Kate made her decision on the margin because she compared the benefit and cost of one more hour.

Did Sally make her decision on the margin?

Did Sally make her decision on the​ margin? Sally made her decision at the margin because she considered the benefit and cost of one additional hour of tennis.

How would you make a rational choice about taking a cruise?

How would you make a rational choice about taking a cruise? You would make a rational choice by comparing the marginal benefit from a cruise and marginal cost of taking one.

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What you get from a one unit increase in an activity that you enjoy is called?

The marginal cost of something is what you must give up to get one more unit of it. The marginal benefit is the benefit that arises from a one – unit increase in an activity. The marginal benefit of something is measured by what you are willing to give up to get one more unit of it.

What is the marginal decision rule?

The marginal decision rule is at the heart of the economic way of thinking. The rule basically says this: If the additional benefit of one more unit exceeds the extra cost, do it; if not, do not. This simple logic gives us a powerful tool for the analysis of choice.

What are extent decisions?

Extent Decision. a decision regarding how much or how many of a product to produce. Marginal Cost/Revenue. the additional cost/revenue incurred by producing and selling one more unit.

Why are decisions made at the margin?

Using a decision -making grid can help you decide if you are willing to accept the opportunity cost of a choice you are about to make. When you decide how much more or less to do, you are thinking on the margin. – Deciding by thinking on the margin involves comparing the opportunity costs and benefits.

Why does every decision involve trade-offs?

Every decision involves trade – offs because every choice you want results in picking it over something else. You can’t always get what you want, like having two things. Opportunity cost means choosing the better one of two ideas. There will always be an alternative; what could have happened instead.

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Why are optimal decisions made at the margin?

Third, optimal decisions are made at the margin. The terms marginal benefit and marginal cost refer to the additional benefits and costs of a decision. Economists reason that the best, or optimal, decision is to continue any activity up to the point where the marginal benefit (or MB) equals the marginal cost (MC).

Which statement is a positive economic statement quizlet?

Terms in this set (21) Positive economic statements are statements of fact that imply no value judgment. Notice that the correct response merely stated what would happen if minimum wage went up and made no statement about whether that was good or bad. The other responses all imply value by using the word ‘should.

Why is the distinction between choices made in self interest and choices made in social interest important?

Why is the distinction between choices made in self – interest and choices made in social interest important? In general economists believe that people make choices according to their self – interest. These choices might or might no be in the social interest.

When firms use new and better ways of producing all goods and services?

Economic Growth When firms use new and better ways of producing all goods and services our standard of living increases, but we still face scarcity and opportunity cost. Economic Growth comes from technological change & capital accumulation. Not free and doesn’t abolish scarcity.

What typically happens to benefits as the amount of an activity is increased?

What typically happens to benefits as the amount of an activity is​ increased? As the amount of an activity increases, the marginal benefits decrease. The marginal benefit refers to the amount of increased benefits a consumer receives from consuming one ore additional unit of a good or service.

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Can we measure the cost of our choices?

Can we measure the “cost” of our choices? You can measure the cost of your choices by your ‘trade-offs’ and ‘opportunity cost ‘.

Which of the following is an example of a typical microeconomic issue?

` Which of the following is an example of a typical microeconomic issue? marginal cost and marginal benefit. a microeconomic issue.

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