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In marginal analysis people compare the benefits to those of the costs.?
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What is the theory of optimum allocation of resources?
This Theory has been discussed in Public Finance under Dalton's principle of 'Maximum Social Advantage'. Optimum allocation of resources is that point where maximum marginal sacrifice of people is equal to maximum marginal benefits.
Why do people come to different decisions using a cost benefit analysis even under the same conditions?
Costs and benefits are both subjective.
What is the difference between marginal benefits and marginal costs?
The term marginal cost refers to the oppurtunity cost associated with producing one more additional unit of a good. Opportunity cost is a critical concept to economics - it refers to the value of the highest value alternative opportunity. For example, in examining the marginal cost of producing one more bushel of wheat, that number could be expressed as the dollar value of corn or other goods that could be produced in lieu of more wheat. Marginal benefit refers to what people are willing to give up in order to obtain one more unit of a good, while marginal cost refers to the value of what is given up in order to produce that additional unit. Additional units of a good should be produced as long as marginal benefit exceeds marginal cost. It would be inefficient to produce goods when the marginal benefit is less than the marginal cost. Therefore an efficient level of product is achieved when marginal benefit is equal to marginal cost.
How does the marginal product of labor change as more people are hired?
As more people are hired, the marginal product of labor decreases because eventually having more and more employees will not make the company more productive.
Why should society support gay people?
cause you shouldn't judge people for who they are it's not really races but you can kinda compare to that
Which people are referred to as marginal groups?
Marginal groups are groups of people who are kept away from society. they are kept at borders and are not shown any kind of respect or concern
What is the advantage of benefits-costs analysis?
It helps people determine which projects are worth doing in order to avoid disaster-related damages later. A+
Why do people come to different conditions using cost benefit analysis even under the same conditions?
Costs and benefits are both subjective.
Can a widow with two deceased husbands choose which husband's social security benefits to draw?
Yes, if you qualify for survivor benefits from two different people, you can collect the higher of the two benefits. Generally, the SSA will compare all of the benefits you are entitled to and award you the highest benefit.
Where can one compare creditcards to find the best offer?
A person can compare different credit cards and their benefits by going to different credit card websites. NerdWallet's website also has a credit card finder tool to help people compare credit cards.
People come to different decisions using cost-benefit analysis even under the same conditions because costs and benefits are both what?
Subjective
Why do different people come to different decisions using cost-benefit analysis even under the same conditions?
Costs and benefits are both subjective.
