EBK MICROECONOMICS
2nd Edition
ISBN: 9780134458496
Author: List
Publisher: VST
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 7Q
To determine
The special benefit of optimization in understanding the core concept.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Give one limitation of marginal analysis and explain why?
GIVE ME AN EXAMPLE OF MARGINAL ANALYSIS WITH MARGINAL R AND MARGINAL C IN A TABLE.
Why would you rather use real variables in an economic analysis
Knowledge Booster
Similar questions
- Example of marginal analysis with explanation.arrow_forwardWhat is proper method in economic analysis and what is the value of economic analysis?arrow_forwardIn terms of economics, what is the significance of the following quote? “On the next exam, I made the number of points available 137, instead of 100. This exam turned out to be harder than the first, with students getting only 70% of the answers right, but the average turned out to be a cheery 96 points.”arrow_forward
- Marginal analysis is one of the most useful concepts in economic decision making. Discuss and show examples including graphs to support your answer.arrow_forwardAccording to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the other part?arrow_forwardThink of an economic decision you made recently wherein the benefit outweighed the cost (or the cost outweighed the benefit).arrow_forward
- What is the difference between Pareto efficiency and Hicks-Kaldor efficiency, and why is it relevant to benefit cost analysis?arrow_forwardThe time path of resources is described by X(t) = X(0)e*". If you graphed In X(t) on the y-axis, and had time (t) on the x-axis, then what would be the intercept of the line you drew? In X(0) There isn't enough information to tell gxarrow_forwardWhen thinking about cost analysis in Microeconomics, what are the real-world problems that occur when applying theories of scale? Describe and give an example of each.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning