Assume that an individual has to decide between a two-day vacation and a three-d

Question

Assume that an individual has to decide between a two-day vacation and a three-day vacation to the same place. If the uses optimization in differences, he will choose the three-day vacation only if the costs incurred on the third day exceed the benefits he receives spend more time to come to a decision than it he would have used optimization in levels compare the total net benefits of both alternatives only think about the net benefits of the extra day Which of the following is an example of marginal analysis? To choose the optimal apartment to squareroot, an individual estimates the net benefits of renting an apartment dose to his place of work. To determine the optimal amount of fertilizer to be used, a farmer calculates the total benefits of using a given amount of fertilizer. To determine the optimal output that a firm should sell, the manager calculates the total revenue earned by selling different levels of output To determine the optimal number of workers, a firm calculates the net benefits of hiring an extra worker.

Explanation / Answer

Answer 9:

Option C.

Answer 10:

Option D.

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