Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.3, Problem 4RQ
To determine
Define the idea of choiceat the margin.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
give three examples of important tradeoffs that you face in your life
Please highlight the correct answer for each and explain why that choice is correct if you can
Why does knowing the facts help people maximize their choices
Chapter 1 Solutions
Macroeconomics
Ch. 1.1 - Prob. 1RQCh. 1.1 - Prob. 2RQCh. 1.1 - Prob. 3RQCh. 1.2 - Prob. 1RQCh. 1.2 - Prob. 2RQCh. 1.3 - Prob. 1RQCh. 1.3 - Prob. 2RQCh. 1.3 - Prob. 3RQCh. 1.3 - Prob. 4RQCh. 1.3 - Prob. 5RQ
Ch. 1.4 - Prob. 1RQCh. 1.4 - Prob. 2RQCh. 1.4 - Prob. 3RQCh. 1.4 - Prob. 4RQCh. 1.5 - Prob. 1RQCh. 1.5 - Prob. 2RQCh. 1.5 - Prob. 3RQCh. 1.A - Prob. 1RQCh. 1.A - Prob. 2RQCh. 1.A - Prob. 3RQCh. 1.A - Prob. 4RQCh. 1.A - Prob. 5RQCh. 1.A - Prob. 6RQCh. 1.A - Prob. 7RQCh. 1.A - Prob. 8RQCh. 1.A - Prob. 9RQCh. 1.A - Prob. 10RQCh. 1.A - Prob. 11RQCh. 1.A - Prob. 1SPACh. 1.A - Prob. 2SPACh. 1.A - Prob. 3SPACh. 1.A - Prob. 4SPACh. 1.A - Prob. 5SPACh. 1.A - Prob. 6SPACh. 1.A - Prob. 7SPACh. 1.A - Prob. 8SPACh. 1.A - Prob. 9SPACh. 1.A - Prob. 10SPACh. 1.A - Prob. 11SPACh. 1.A - Prob. 12APACh. 1.A - Prob. 13APACh. 1.A - Prob. 14APACh. 1.A - Prob. 15APACh. 1.A - Prob. 16APACh. 1.A - Prob. 17APACh. 1.A - Prob. 18APACh. 1.A - Prob. 19APACh. 1.A - Prob. 20APACh. 1.A - Prob. 21APACh. 1.A - Prob. 22APACh. 1.A - Prob. 23APACh. 1 - Prob. 1SPACh. 1 - Prob. 2SPACh. 1 - Explain how the following news headlines concern...Ch. 1 - Prob. 4SPACh. 1 - Prob. 5SPACh. 1 - Prob. 6SPACh. 1 - Prob. 7APACh. 1 - Prob. 8APACh. 1 - Prob. 9APACh. 1 - Prob. 10APACh. 1 - Prob. 11APACh. 1 - Prob. 12APACh. 1 - Prob. 13APA
Knowledge Booster
Similar questions
- Provide an explanation an economist might give showing why each statement is true: - “People must make choices to satisfy their needs and wants”arrow_forward. What is the benefit of something measured by what you are willing to give up?arrow_forwardAn economic explanation for why people make different choices begins with accepting the proverbial wisdom that tastes are a matter if personal preferences. But economist also believe that the choices people make are influenced by their incomes, by the prices of goods and services they consume, and by factors like where they live. How do you make choices about what to buy, how much to work, and how much to save?arrow_forward
- Describe two decision-making traps identified in Chapter 11 of your text that affected important choices you have made in your lifearrow_forwardBy using consumer choice theory, explain why diamonds, which are not necessary to sustain life, are expensive, whereas water, which is necessary for life, is not.arrow_forwardIncentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show that we have to make sacrificesarrow_forward
- Explain the role that is played by the three decision makers in the economyarrow_forwardCite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.arrow_forwardIn a culture where we are bombarded with other people trying to define us, how do we make decisions for ourselves? Make close references to Macbeth by William Shakespearearrow_forward
- For the case study, you need to use the economic concepts to help explain what it means for Shirley's decision. Why does it matter to her that the market is ____?arrow_forwardWhy is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning