Marginal Analysis and Opportunity Cost

Think about some decisions you made in recent days. Without realizing it, you were already conducting Marginal Analysis. Think of three decisions, actual or hypothetical, and for each discuss the Marginal Benefits and the Marginal Costs associated with the different options. Include all of the opportunity costs in your assessment of cost. Then analyze whether Marginal Benefit exceeded Marginal Cost, Marginal Cost exceeded Marginal Benefit, or if the two were roughly equal. How does this influence the decision on whether or not an action should be taken?

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