<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:
(A) Rational decision making, bounded rationality, and intuition
Explanation:
Rational decision making is a multi-step process for making choices between alternatives. The process ofrational decision making favors logic, objectivity, and analysis over subjectivity and insight.
Bounded rationality is the idea that in decision-making,rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.
Intuition is the ability to have a grasp on a situation or information without the need for reasoning. The opposite ofintuitive decision making is rational decision making, which is when individuals use analytics, facts and a step-by-step process to come to a decision.
Rational decision making, bounded rationality, and intuition plays an important role in making decisions.
A. France has a comparative advantage in olive oil production.
Answer:
The correct response is Option B: Detailed in-depth information is needed.
Explanation:
Of the options provided the best reason for choosing interviews as your research methodology is that the study is aimed at gleaning detailed information on a subject and there needs to be an effort to dive deep into the data. The disadvantage of this method is that it tends to be time-consuming and the analysis needs to be done more manually than the results of a survey. Surveys are more amenable to using software and running statistical analyses although some software exists for helping to analyze qualitative data as well. Interviews can also be useful for uncomfortable subjects although in some populations they may prefer the anonymity of a survey if the research is on a sensitive subject.
