1. When Akari considers whether she should work one more hour, she is applying the a) <u>marginal</u> principle.
2. When Akari weighs the money she will earn from working overtime against what she gives up to work the extra hours, she is applying the b) <u>cost-benefit</u> principle.
3. If Akari decides to work the extra hours because she does not think any overtime will be offered in the near future, she is applying the d) <u>interdependence</u> principle.
4. If Akari decides to work overtime because her next best alternative is watching TV at home, she is applying the c) <u>opportunity-cost</u> principle.
<h3>What is the marginal principle?</h3>
The marginal principle concentrates on the marginal benefit and costs of the next unit of output or utility.
<h3>What is the cost-benefit principle?</h3>
The cost-benefit principle weighs the cost and benefit of the decision.
<h3>What is the opportunity cost principle?</h3>
The opportunity cost principle says that decisions should be based on the next best alternative and not just the real costs.
<h3>What is the interdependence principle?</h3>
Other factors should be accounted for in every decision, according to the interdependence principle.
The four core principles of economic decision-making include:
- Rational people think at the margin (marginal principle).
- Everybody faces tradeoffs (cost-benefit principle).
- Opportunity costs exist (Opportunity cost principle).
- Incentives influence people's actions (Independence principle).
Thus, decisions should be weighed, following the four principles above.
Learn more about the four core principles of decision-making at brainly.com/question/28399715
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<h3>Question Completion with Answer Options:</h3>
When Akari considers whether she should work one more hour, she is applying the principle. When Akari weighs the money she will earn from working overtime against what she gives up to work the extra hours, she is applying the principle. If Akari decides to work the extra hours because she does not think any overtime will be offered in the near future, she is applying the principle. If Akari decides to work overtime because her next best alternative is watching TV at home, she is applying the principle.
a) Marginal
b) Cost-benefit
c) Opportunity cost
d) Interdependence
