economists say that individuals make decisions at the margin. what does this mean? give an example where you have made such decision

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08-09-2022
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economists say that individuals make decisions at the margin. what does this mean? give an example where you have made such decision

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-09-19T16:19:44+02:00

According to economists, most decisions are made "near the margin." The margin represents the activity's current level.

explanation

Consider it as the vantage point from which to make a decision. A decision to do something a little bit more or a little bit less is referred to as a margin choice.

Making decisions at the margin can reveal very insightful information. Take the issue of reducing water usage, for instance, when the amount of water supplied is insufficient to meet current demand. According to economists, increasing the price of water is one approach to encourage people to save it. A typical argument to this suggestion is that since water is a necessity, a greater price would have little impact on water consumption.

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Tutorconsortium338 Tutorconsortium338 · Answer 2 · 2022-09-19T19:52:57+02:00

This means that Decisions are therefore based on marginal costs and marginal gains. According to economists, people act rationally and try to maximize their own benefit. Individuals acting in groups in accordance with these presumptions lead to economic

The marginal cost, or price of producing more, is the variation in total cost that results from increasing the amount produced in economics.

How is marginal cost determined? What is it?

Marginal cost, which is most frequently employed in manufacturing, is the additional expense incurred in the manufacture of more units of goods or services.
It is derived from both fixed costs for goods that have already been produced and variable costs that still need to be taken into account. It is computed by dividing the change in costs by the change in quantity.

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