Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jun 11, 2024

We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal

We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal benefit versus marginal cost.

Could you think in situations that you could use opportunity cost, marginal benefit and marginal cost concepts to make your own decisions?Provide examples. In one paragraph

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting Information Systems

Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman

11th Edition

9780470507025

Students also viewed these Economics questions

Question

Decision Making Describe one or two major decisions you have made in your life. How did you go about making your decision? What were your challenges? What were the consequences? What did you learn to...

Answered: 1 week ago

Question

★★★★★

Two different analytical tests can be used to determine the impurity level in steel alloys. Eight specimens are tested using both procedures, and the results are shown in the following tabulation. Is...

Answered: 1 week ago

Question

★★★★★

NEED ASAP TRUE OR FALSE When markets become fearful and there is a "flight to higher quality" in the bond markets, the YTM on U.S. Treasury bonds tends to decline. TRUE OR FALSE The prices of shorter...

Answered: 1 week ago

Question

★★★★★

Once the project charter is authorized, it is the project manager's duty to distribute the charter to all key stakeholders and ensure common understanding of the key deliverables, milestones, and...

Answered: 1 week ago

Question

★★★★★

Which examples of headings, lists, and colons show correct capitalization? Instruction: Choose all options that best answer the question. Answer Choices The CFO released the document "Taxation...

Answered: 1 week ago

Question

★★★★★

haimi, [25/05/2022 3:47 PM] A small business enterprise makes dresses and trousers. To make a dress requires 2 hours of cutting and 2 hours of sewing. To make trousers requires 1 hour of cutting and...

Answered: 1 week ago

Question

★★★★★

A training organisation purchases aheavy volume copier for large workloadson 1/7/2022 for $36,000 [GST exclusive]. It has a useful life of 4 years and a residual value of $4,000 [GST exclusive]....

Answered: 1 week ago

Question

★★★★★

The given multivariable function is as follows: f ( x , y ) = ky 2 - 2 y 3 - kx 3 + 2 kxy . A. Given that the function f ( x,y ) in the Assumptions section has a critical point at (0,0), use a second...

Answered: 1 week ago

Question

★★★★★

How often should braille accommodations be provided? A. Never, not enough people use it. B. Always, regardless of how many people use it. C. Sometimes if it was requested by someone who needs it. D....

Answered: 1 week ago

Question

★★★★★

Assume a consumer's utility function is given by U = min(2x, y) .The price of x is 1 and the price of}!r is 2 and their income is 100. The optimal choice g The optimal choice of y is Refer to the...

Answered: 1 week ago

Question

★★★★★

Why is it important for management to know the costs of individual products that are jointly produced?

Answered: 1 week ago

Question

★★★★★

It is not always possible to use physical units as a basis for allocating common costs. Why?

Answered: 1 week ago

Question

★★★★★

How does the relative sales value method of allocating common costs to joint products differ from the adjusted sales value method?

Answered: 1 week ago

Previous Question Next Question