Chapter 3
Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!
Marginal Analysis
How much more or less one option costs compared to another one
Sunk Cost
a cost that has already been paid and cannot be recovered
Optimization in levels
net benefit = total benefit - total cost
Optimization in levels examines ___________, while optimization in differences analyzes ____________.
total net benefits, marginal analysis (change in net benefits when switching from one alternative to another)
