Reference no: EM131513077

How do you use the concepts of marginal cost and marginal benefit when making decisions daily? The goal is for us to evaluate how often we use a benefit-cost analysis in marginal terms in our daily lives, without realizing it, and how to improve our decision-making after a careful evaluation of all relevant costs and benefits involved.

What is your opportunity cost of attending classes on campus? For the purposes of keeping things simple, focus on finding the opportunity cost, expressed as a dollar amount of your opportunity cost of attending a one-hour class on campus. First, find all your alternatives to attending class. Then assign a dollar value to each alternative. Next rank your alternatives, and last, based on the highest ranked alternative, share your opportunity cost. Since you have made the decision to take this course online, how would your opportunity cost compare to that of another student already taking the same course on campus. Explain.