Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs

1 answer:

3 0

Rational decision simply means a decision based on logic. It would be logical to say that people would always prefer more benefits than the cost they will be expending. Rational decisions indeed<span> occur when the marginal benefits of an action equal or exceed the marginal costs. No person would make a decision that would incur a loss in his part. Therefore, in order to say that you were able to have a rational decision, you have to bear in mind the profit you can gain out of it. Example of this is the decision on additional worker. Suppose you are paying $20</span><span> per worker and they produce 5,000 units. If you are to add additional worker, you will incur an additional $20 but it will also increase the production output to 8,000 units. Therefore, it would be a rational decision to employ another worker since the benefits would exceed the cost.</span>

You might be interested in

What does this quote suggest about bismarck's ideas on politics? he believed that decisions should be made on a moral basis.he b

Rasek [7]

I believe the answer is: He believed that decisions should be made with practicality and force.
Bismarck believed that a nation shall not be afraid to use forces in order to establih control and superiority toward other nations.
Due to the similarities in principle, Nazi Germany honored his name by using it as the name of their battleships.

6 0

2 years ago

Read 2 more answers

King says condemning his peaceful actions for precipitating violence is like:a. condemning a robbed man because he had money b.

Arte-miy333 [17]

Answer:

All of them

Explanation:

The king condemning his own peaceful actions to be the cause of violence is in complete contradiction to one another. An oddity occurs and the action is in complete contrast to the outcome. One cannot justify that the corresponding actions may have led to the specific outcome. such is also the case in the example:

a; condemning a robbed man for having too much money does in no way justifies the action of robbing. Blaming a source that was done only for the reason of ones own satisfaction.

b; condemning Socrates for his truth to force people to make him drink the hemlock, is as absurd as the above example.

c; condemning Jesus for his devotion to God shows that the intention of the action was completely different but the outcome was in complete contrast.

4 0

2 years ago

What greek god rode a chariot that controlled the sun

Elena L [17]

Helios is the ancient Greek god of the Sun that drives a chariot across the sky

6 0

2 years ago

Engineers may ethically perform services outside of their areas of technical competence as long as they inform their employers o

vaieri [72.5K]

Answer: False

Explanation: There are rules/ codes of conduct guiding every profession in this case, we shall be considering NSPE Code of Ethics I.2.Fundamental Canons: It states that Engineers, in the fulfillment of their professional duties, shall perform services only in areas of their competence.

6 0

2 years ago

The MOST LIKELY reason that Georgia spends so much tax revenue on environmental protection is that

aalyn [17]

Answer: A) The environment plays a large role in Georgia’s economy.

Explanation:

7 0

3 years ago

Read 2 more answers