Write an essay explaining what marginal means

Reference no: EM132350906

Assignment: A central theme of our course is decision making. My main goal is for you to see the concepts, models and theories of economics in the real world, so that you can use them to make better decisions in business and life. One of the tools we use throughout the course is marginal analysis: understanding how to find the "optimal" or "efficient" quantity of something by comparing costs and benefits at the margin.

Assignment: Write an essay explaining what "marginal" means and explain why marginal analysis leads to optimal or efficient quantities. Use applications we learned in our course (consumption decisions and production decisions) to support the answer. Adding examples from life outside of the classroom is strongly encouraged.

In short, put together a comprehensive view of a topic that was covered throughout the course.I'm not looking for a laundry list of topics. Rather, you should write a cohesive, accurate and easy-to-understand essay that someone new to economics could use to understand the idea of "marginal" and how marginal analysis works to help us make better decisions.

Reference no: EM132350906

Questions Cloud

Psychoanalysis has more limitations than strengths : Explain why. Which theorist do you think had the most effective approach to psychoanalysis? Explain your thinking.

Describe one group protected by the eeoc : Describe one group protected by the EEOC and summarize the related legislation. Are all groups fairly represented? Are any groups missing? Justify your answer.

What are the concepts of sensory memory : What are the concepts of sensory memory, working memory, short term memory, and long term memory? Please include examples to support your explanations.

Compare and contrast substance abuse treatment methods : How would you compare and contrast substance abuse treatment methods based upon complete drug abstinence versus those based upon moderating

Write an essay explaining what marginal means : Write an essay explaining what "marginal" means and explain why marginal analysis leads to optimal or efficient quantities. Use applications we learned.

Health and well-being of adolescents and young adults : The use of alcohol and drugs is a serious threat to the health and well-being of adolescents and young adults.

How is data protected from inadvertent : Research and write a report summarizing the different options available for authorization or authentication in Spark, that is, how is data protected from.

Discussion about the small-batch production : Pick one of the following terms for your research: analyzability, core technology, interdependence, joint optimization, lean manufacturing, noncore technology.

Consider factors that promote interest : If we consider factors that promote interest, three of the following teaching strategies should be beneficial. Which one will not be beneficial?

User Account

All Pages