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zubka84 [21]
3 years ago
7

Economists say that individuals make decisions at the margin. What does its menas?

Business
1 answer:
leva [86]3 years ago
4 0

Answer:

When Economists say that humans make decisions at the margin they mean that decisions are made on the basis of the cost and benefit of getting an additional unit of a good/ service.

Marginal benefit refers to the additional utility that we will derive from consuming one extra unit of a good or service and factors in heavily into our decision making. We usually accept a decision if the Marginal benefit is higher or equal to the Marginal cost ( cost of the additional unit) of the good/service.

If the Marginal Cost is instead higher, the decision would most probably be cancelled.

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