Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 1 - Limits, Alternatives, and Choices - Questions: 2

Answer

1. Deciding whether or not to work an extra hour. 2. Whether or not to fly to Myrtle Beach. 3. To go to college in my home state or not.

Work Step by Step

1. Marginal Benefit: An extra hour means more money made. Marginal Cost: I am unable to go out and do something else for that hour. 2. Marginal Benefit: Faster than driving, less stressful than driving. Marginal Cost: Unable to drive where I'd please when I get there, not as much bonding time with friends on the way down. 3. Marginal Benefit: Closer to home, cheaper because of instate pricing. Marginal Cost: Not as diverse as out of state colleges, parents can stop in whenever they want.
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