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Give an example you can relate to the marginal cost, marginal benefit model going on in your life.Be clear about what costs and benefits are
Give an example you can relate to the marginal cost, marginal benefit model going on in your life.Be clear about what costs and benefits are involved.
Example: I brush my teeth because when I choose to do thateach day, the benefits of clean and healthy teeth outweigh the costs of 3 minutes doing my next best choice (probably surfing facebook). After a couple of minutes at this, the benefits of additional time brushing go down below the opportunity cost of giving up facebook, which stays the same. And so I stop
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