<u>Marginal Costs & Marginal benefits in a choice you made.</u>
Assume that I want to buy an ornament for hands. I spend $500 for purchasing an ornament. When I was supposed to see another I wish to buy that. But spending again for the ornaments also not a good idea. I am also not willing in spending $500 for the ornament. So, I decided to go for an ornament that costed only $250. No, my marginal benefit get decreased from $500 to $250. When I decided to go fro the second one or more than one of same good my marginal benefits decrease.
Marginal cost is something that changes in a smaller range in the production of one additional unit. For example I decide to manufacture 500 pens. i need raw materials for the production and a building and machine for production. The change in the cost or expenses that happens when I decide to produce 600 pens is the marginal cost.
Answer: The ego integrity vs. despair stage
Explanation: Psychosocial development was developed by
by Erik Erikson in collaboration with Joan Erikson which listed 8 stages of development an individual must pass through from childhood to adulthood.
One of those stages listed is the ego integrity vs. despair stage which usually occurs between the ages of 60 and above where an individual begin to come to terms with life and ask oneself questions that has to do with the integrity of their ego(thoughts of success) or despair(thoughts of failure).
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