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- Exercise 2
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- Exercise 2
I. Marginal analysis can explain why you would always choose to eat Chinese food rather than pizza. II. Marginal analysis can explain the incremental impact of an increase in total cost when one more unit of output is produced.
Our resource for Economics includes answers to chapter exercises, as well as detailed information to walk you through the process step by step. With Expert Solutions for thousands of practice problems, you can take the guesswork out of studying and move forward with confidence.
Problem Set: Marginal Analysis. Test your understanding of the learning outcomes in this module by working through the following problems. These problems aren’t graded, but they give you a chance to practice before taking the quiz.
Marginal revenue is calculated as ∆TR/∆Q, so the marginal revenue from the first sandwich is (8-0)/1 = 8. Notice that marginal revenue is constant and equal to the price of the sandwich in this example.
Assume that your opportunity cost of an additional hour of leisure, in terms of grades, is 30 points and constant. Which of the following statements is true? A one hour increase in leisure will lead to a 30 point decrease in your grades.
Marginal analysis is the process of breaking down a decision into a series of ‘yes or no’ decisions. More formally, it is an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
