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)


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