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Author Question: Discuss what is necessary to make rational decisions. Be sure to mention opportunity cost, marginal ... (Read 15 times)

soccerdreamer_17

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on: Jun 29, 2018
Discuss what is necessary to make rational decisions. Be sure to mention opportunity cost, marginal cost, and marginal benefit.
 
  What will be an ideal response?

Question 2

The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and B is
 
  A) 1/3 of a gallon of ice cream for a gallon of milk.
  B) 4 gallons of ice cream for a gallon of milk.
  C) 1 gallon of ice cream for a gallon of milk.
  D) 3 gallons of ice cream for a gallon of milk.
  E) zero because at point A, zero milk is being produced.


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Galvarado142

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Economists assume that people act rationally, making choices in increments and comparing marginal costs and benefits. Costs are measured as opportunity cost, which is the value of the best thing that must be given u

Answer to Question 2

A


soccerdreamer_17

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

momolu

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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