A rational decision maker takes an action if and only if the marginal benefit of the action exceeds the marginal cost. This principle explains why people use their cell phones as much as they do, why airlines are willing to sell tickets below aver- age cost, and why people are willing to pay more for diamonds than for water. It can take some time to get used to the logic of marginal thinking, but the study of economics will give you ample opportunity to practice.
If you want to change selection, open document below and click on "Move attachment"
pdf
owner:
FelipRod - (no access) - Principles of Economics, 7th Edition by N. Gregory Mankiw[Dr.Soc].pdf, p43
Summary
status | not read | | reprioritisations | |
---|
last reprioritisation on | | | suggested re-reading day | |
---|
started reading on | | | finished reading on | |
---|
Details