Asked by Ellen Likens on May 28, 2024
Verified
(Figure: Marginal Benefits and Marginal Costs) Use Figure: Marginal Benefits and Marginal Costs.More time spent studying economics adds points to economics scores (MB) but subtracts points from accounting scores (MC) .The marginal benefit of studying economics for two hours is _____ points,and the marginal cost is _____ points.
A) 40;0
B) 30;10
C) 20;20
D) 10;30
Marginal Benefits
The additional satisfaction or utility gained by consuming or producing one more unit of a good or service.
Marginal Costs
The rise in overall expenses resulting from the production of an extra unit of a product or service.
Studying Economics
The academic pursuit focused on understanding how individuals, businesses, and governments make choices on allocating scarce resources to satisfy their unlimited wants.
- Comprehend the principle of marginal analysis and its application in decision-making across different scenarios.
- Establish the correlation between marginal benefit, marginal cost, and the amplification of aggregate benefits.
Verified Answer
TH
Tanner HearneMay 30, 2024
Final Answer :
B
Explanation :
The marginal benefit (MB) of studying economics for two hours is 30 points, as seen from the increase in economics scores. The marginal cost (MC), which represents the subtraction from accounting scores, is 10 points for the same duration.
Learning Objectives
- Comprehend the principle of marginal analysis and its application in decision-making across different scenarios.
- Establish the correlation between marginal benefit, marginal cost, and the amplification of aggregate benefits.