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Why is it important to compare marginal costs to marginal benefits?
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Rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs?
Rational Decision making occurs when marginal benefits of an action exceed the marginal costs
What Economists say that choices involves comparing?
Marginal benefits and marginal costs
Where will A profit maximizing firm produce?
Where the marginal benefits equal marginal costs.
What is the definition of the economic perspective?
The making of purposeful decisions in the context of marginal costs and marginal benefits.
What is the central focus of economic perspective?
Economic perspective: a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions
Rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs?
Rational Decision making occurs when marginal benefits of an action exceed the marginal costs
What Economists say that choices involves comparing?
Marginal benefits and marginal costs
Where will A profit maximizing firm produce?
Where the marginal benefits equal marginal costs.
What is the definition of the economic perspective?
The making of purposeful decisions in the context of marginal costs and marginal benefits.
How is market failure cause environmental degradation?
It is when the private marginal benefits or costs are not equal to social marginal benefits cost. Therefore, result could be likely market failure.
Are marginal costs relevant costs?
If marginal costs are relevant for specific situation or specific decision making scenario then marginal costs are relevant costs otherwise marginal costs can be irrelevant.
Why is it important to consider marginal benefits and costs you do a cost benefit analysis?
Marginal cost at each level of production includes any additional costs required to produce the next unit. If producing extra vehicles requires building a new factory, the marginal cost of those extra vehicles includes the cost of the new factory....BOSS
What is the central focus of economic perspective?
Economic perspective: a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions
What are benefits of marginal costing?
Marginal cost is the extra cost incurred in producing one unit of a product.If the marginal cost is more than average cost that means that costs are increasing and if it is less it means costs are decreasing.This way we find out how are business is progressing.
What is an economic perspective?
Economic perspective is a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions.
What is marginal analysis?
A type of cost-benefit decision making that compares the extra benefits to the extra costs of an action
Says to compare the benefits and costs of alternative uses and sources of money using after-tax APYs.?
says to compare the benefits and costs of alternative uses and sources of money using after-tax APYs
