3. A layperson says that a proposed government project simply costs too much and therefore shouldn’t be undertaken. How might an economist’s evaluation be different? 14. Economists say that individuals make decisions at the margin. What does this mean? 15. How would an economist define the efficient amount of time spent playing tennis? 16. Ivan stops studying before the point at which his marginal benefits of studying equal his marginal costs. Is Ivan

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A: a.  Economy : A system used to manage limited resources for the production, distribution, and…

Q: "choice" and "scarcity".

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Q: . A cost benefit analysis is a good example of a______approach to making decisions

A: A cost benefit analysis is a good example of a Utilitarianism approach to making decisions.

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Q: 3 Ways in which human decisions making differs from the rational individual

A:

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A: We will answer the first question only. Please resubmit the other question separately in case you…

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