Describe how and why people and businesses make decisions based on marginal costs and marginal benefits.  Provide two examples, as an individual or for a business, to use for the comparison of benefits and costs.

Q: Describe the benefit-cost ratio?

A: Benefit cost ratio is described as a ratio used in cost benefit analysis to sum up the general…

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

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

Q: How are you influenced by the media as a consumer and content-maker? You may base your examples on…

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Q: How do you calculate marginal benefits? For example, what are the marginal benefits of consuming a…

A: The marginal benefits show the incremental change in benefit to a consumer by consuming one…

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Q: Anna has four choices. She can study, go to the movies, tutor someone or work at the bakery. If she…

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Q: Your marginal benefits from eating candy bars is shown in the table below

A: Since you have posted multiple questions, we will answer the first question for you. If you want any…

Q: List and discuss in detail (thoroughly and carefully), two examples of the scarcity that you have…

A: When there is the presence of resources being fewer than actually being required for the fulfillment…

Q: Toyota has started a major expansion of a Texas factory. It has already spent $11 million and has…

A: To find the correct option we have to check which option minimizes the loss or gives more benefit so…

Q: You were planning to spend Saturday working at your part-time job, but a friend asks you to go…

A: Opportunity cost is the value of anything when a new course of action is selected. Simply put in…

Q: Juanita and Shantala run a business that programs and tests cellular phones. Assume that Juanita and…

A: Opportunity cost is the value of the next best forgone alternative. Since Juanita and Shantala can…

Q: b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do…

A: Opportunity cost refers to the best alternative cost that forgo or give up when a decision or…

Q: Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market Th costs…

A: Answer: Marginal cost: It refers to the additional cost incurred by giving an additional hour to…

Q: Can you think of some social costs or issues that are not included in the marginal cost to the firm?…

A: The question relates to the topic of externalities, which causes markets to fail.

Q: Beverly spends $100 on a teeth whitening kit. After one application, her gums are inflamed and it…

A: Opportunity costs represent the potential benefits a person, investor, or business misses out on…

Q: Why in Pure Specific Factors only Owner of A benefits but in Mixed both owners of K and owners of A…

A: The specific factor model assumes that production factors do not migrate from one sector to the…

Q: A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can…

A: Given, Each plant works up-to 250 days in a year Plant A can produce= 10 units of good X or 5 units…

Q: Explain briefly but clearly the concepts of scarcity and opportunity cost. Provide an example of…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: You are considering whether you should go out to dinner at a restaurant with your friend. The meal…

A: The opportunity cost of a particular activity option in microeconomic theory is the loss of value or…

Q: 1.Suppose the marginal costs (MC) of reading are constant & the marginal benefits (MB) of reading…

A: 1) Given that marginal cost is constant, it implies that it would be parallel to x axis. The MB…

Q: Your opportunity cost of going to a movie isa. the price of the ticket.b. the price of the ticket…

A: Opportunity costs are the costs incurred when choosing next best alternative

Q: Marginal benefit and marginal cost (dollars per swim) A 50 MC 40 30 20 10 MB D B 2 4 5 Manatee swims…

A: In the above diagram, when the manatee swims per week is 1, the marginal benefit is $40 at point A…

Q: Using a crane to move a loaf of bread is A. Efficient but not effective. B. effective but not…

A: Effective refers to the ability to complete the objective. Efficient refers to completing the task…

Q: In Ecoland, producers make both televisions and clocks. At current production levels, the marginal…

A: (a) Given that,   marginal cost (clock) = $50. marginal cost (television)= $150. By bringing…

Q: Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table…

A: Marginal benefit can be calculated the subtraction of TBn-1 from TBn. marginal benefit for 2nd hour…

Q: The last column of Table 2.2 shows the marginal cost of Good U, which we also assume that the fixed…

A: We know; MC = Change in TC / Change in Q So; Change in TC = MC x Change in Q Average Cost = Total…

Q: If 4 hours is the efficient amount of time to exercise for the week, then exercising for 10 minutes…

A: The benefit that a person obtains from consuming one additional unit of an item or service is known…

Q: rou run a coffee shop that is open all day. You are considering staying open in the evening. The…

A: Given Total benefits Marginal Benefits = Total benefit 2 - Total Benefit 1

Q: Suppose that the total benefit and total cost from a continuous activity are, respectively, given by…

A: The benefits would result from the production by the firm when the benefits would exceed the cost.…

Q: Consider an activity A that has the following marginal benefit (MB) and marginal cost (MC)…

A: The marginal benefit must be a equal marginal cost.  Equilibrium condition: MB =MC

Q: 1 discusses scarcity and opportunity cost. A mattress company can create mattresses to sell in…

A: Scarcity refers to the fact that there are never enough resources to meet all of humanity's needs.…

Q: Economists typically assume that when making​ decisions, the owners of firms wish to maximize   A.…

A: The term "profit" may bring pictures of cash to mind, but to economists, profit encompasses…

Q: This refers to the cost of a foregone benefit. a. scarcity b. opportunity cost c. microeconomics d.…

A: Economics is a branch of social science that deals with the production, distribution, and…

Q: 3. A city currently emits 16 million gallons (MG) of raw sewage into a lake that is beside the city.…

A: Given,

Q: Marginal benefit and marginal cost (dollars per swim) 50 MC 40 30 20 10 MB D В 4 5 Manatee swims…

A: Allocative efficiency refers to a situation where price of a particular good is equal to the…

Q: 1. Explain the economic problem of scarcity.

A: Scarcity refers to a situation in which there is a shortage of desired goods. Normal…

Q: You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35.…

A: Opportunity cost refers to the forgone benefit because of choosing one alternative over another. So,…

Q: . a. Explain the following in not more than half a page - Opportunity cost. - Production…

A: Opportunity cost Opportunity cost is the cost of next best alternative foregone. In other words it…

Q: Describe the Benefit-Cost Analysis?

A: A Benefit-cost analysis which is also known as a cost-benefit analysis is used to predict the costs…

Q: an opportunity cost a whole country experiences when society or the government has made a choice.…

A: The problem of choice and scarcity tends to lie at the very heart of economics, which is the study…

Q: Studying has both costs and benefits. If you continue tostudy (e.g., for a test) for as long as the…

A: Estimation of alternatives weaknesses and strengths being used for determination of options which…

Q: You have two choices for how you are going to spend Saturday evening. You can go to the pub with…

A: Answer 1 (a) An opportunity cost is the benefit an individual gets from the next best alternative…