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Identify one cost and one benefit of farming for early humans?
Cost: Early humans had to spend a lot of time and effort hunting and gathering food to sustain themselves, which could be physically taxing and dangerous. Benefit: Farming allowed early humans to settle in one place, leading to the development of permanent communities, more stable food sources, and eventually the rise of civilizations.
People come to different decisions using cost benefit analysis even under the same conditions because cost and benefit are both what?
Subjective
If you have total cost and total benefit how do you get marginal cost and marginal benefit?
Marginal cost is total cost/quantity Marginal benefit is total benefit/quantity
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
What characterizes cost-benefit analysis?
Cost-benefit analysis is rational.
When will a cost benefit analysis be done?
when will a cost benefit analysis be done
What is the advantage of benefit cost analysis?
Advantages and disadvantages of benefit cost ratio
What is the meaning of to be self-serving?
A person that does things to benefit themselves, usually at the cost of other people.
What is the difference between expired cost and unexpired cost?
expired cost - benefit has been received unexpired cost- benefit may or may not be received
What is the different between expired cost and unexpired cost?
expired cost - benefit has been received unexpired cost- benefit may or may not be received
How would you describe savings in the context of a cost-benefit analysis?
In another example, cost savings is a benefit.
Social cost benefit analysis?
Summary Social cost/benefit: sum of all private costs/benefit. Social welfare analysis: involves optimising social outcomes based on cost/benefit. Optimal occurs: where marginal social cost (MSC) = marginal social benefit (MSB) Is used for: cost of economic choices, policies, initiatives, etc. Longer Explanation Social cost-benefit analysis is also known as 'welfare analysis' and is very similar to normal firm optimisation models. Essentially, social cost and benefit usually involve a private producer or consumer and a public provider or public demand. In these cases, the private cost/benefit of the private actor differs from the social cost/benefit. A social cost/benefit is simply the sum of all costs and benefits of all private actors. Cost is represented on a cost-quantity axis as a positively-sloped function (linear or higher power) and benefit is a negatively-sloped function. Their optimisation occurs where the derivatives of cost and benefit (marginal social cost; marginal social benefit) are equal. This point is where profit/social welfare is greatest.
