Explain which letter is correct and why. Keep in mind I know the answer but don\

Question

Explain which letter is correct and why.
Keep in mind I know the answer but don't understand the concept


5. According to the Economic Way of Thinking, why does cheaper used textbooks raise enrollment at CSULB?
a. Cheaper used textbooks lowers the marginal cost (MC) of attending CSULB.
b. Cheaper used textbooks raises the marginal cost (MC) of attending CSULB.
c. Cheaper used textbooks lowers the marginal benefit (MB) of attending CSULB.
d. Cheaper used textbooks raises the marginal benefit (MB) of attending CSULB.

6. According to the Economic Way of Thinking, why does a high unemployment rate raise enrollment at CSULB?
a. High unemployment lowers the marginal cost (MC) of attending CSULB.
b. High unemployment raises the marginal cost (MC) of attending CSULB.
c. High unemployment lowers the marginal benefit (MB) of attending CSULB.
d. High unemployment raises the marginal benefit (MB) of attending CSULB.

Explanation / Answer

When we make an economic decision we think about the marginal cost (cost of one more) versus the marginal benefit (benefit of one more). In the case of attending college, we weigh the cost of attending one more semester of college against the benefits of one more semester of education. The economic costs include what we are giving up by attending college (like having fun or having a job) in addition to the sort of costs an accountant would measure (like things you can write a check for). 5. According to the Economic Way of Thinking, why does cheaper used textbooks raise enrollment at CSULB? a. Cheaper used textbooks lowers the marginal cost (MC) of attending CSULB. Cheaper textbooks make the cost of one more semester lower. 6. According to the Economic Way of Thinking, why does a high unemployment rate raise enrollment at CSULB? Well, I can argue either of these, so you can apply whichever your prof was after. c. High unemployment lowers the marginal benefit (MB) of attending CSULB. One more semester of education has less value if I won't be able to get a job when I graduate. d. High unemployment raises the marginal benefit (MB) of attending CSULB. Education is more important when the job market is competitive. Now the benefit of an education may be getting a job versus not getting a job instead of just getting a better job, so this is a greater benefit.

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