Question

In 2-3 sentences, list the three steps for effective decision-making using marginal analysis.

Answer 1

The three steps for effective decision making would be to first find a list of possible options, then to find and considers the characteristics of these options, and the last would be to consider the possible correct choice from this list of these options which you would have. 

Answer 2

To determine whether an additional unit of a good or service should be bought, made, or used, you have to find out if the marginal costs are greater or less than the marginal benefits. Each decision has things that you gain and things that you give up. If you are looking at adding one more unit, you want the things that you gain to be more than the things that you give up. In other words, you want your marginal benefits to be greater than your marginal costs. Then, you are better off.