Wk 1 Dis 1

In: Business and Management

Submitted By jamesdelwiche
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Cite three examples of recent decisions that you made in which you weighed marginal cost and marginal benefit.
The economic perspective focuses largely on marginal analysis—comparisons of marginal benefits and marginal costs. To economists, “marginal” means “extra,” “additional,” or “a change in.” Most choices or decisions involve changes in the status quo, meaning the existing state of affairs. For instance, should you attend school for another year? Should you study an extra hour for an exam? Should you supersize your fries? Similarly, should a business expand or reduce its output? Should government increase or decrease its funding for a missile defense system (Brue & McConnell, 2010)?
Each option involves marginal benefits and, be- cause of scarce resources, marginal costs. In making choices rationally, the decision maker must compare those two amounts. Example: You and your fiancée are shopping for an engagement ring. Should you buy a 1/2-carat diamond, a 5/8-carat diamond, a 3/4-carat diamond, a 1-carat diamond, or something even larger? The marginal cost of a larger-size diamond is the added expense beyond the cost of the smaller-size diamond. The marginal benefit is the perceived greater lifetime pleasure (utility) from the larger-size stone. If the marginal benefit of the larger diamond exceeds its marginal cost (and you can afford it), buy the larger stone. But if the marginal cost is more than the marginal benefit, buy the smaller diamond instead, even if you can afford the larger stone (Brue & McConnell, 2010)!
I myself have been making decisions in which I have weighed marginal cost and marginal benefits during the holiday season. For example, for Christmas I was buying my daughter a check-up center, which at the time was out of stock. However, I found it on another website for almost fifty dollars more but it was in stock. I decided to wait…...

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