What is cost-benefit analysis?
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The text (Moral issues in business, chapter 7, page 338-340) says that cost-benefit analysis is often difficult because conflicting value judgments are at stake. Explain what cost-benefit analysis is, what value judgments might be at stake and why this poses a problem for cost-benefit analysis.
What is the difference between marginal analysis and cost-benefit analysis?
Define the following terms:
a) marginal cost
b) marginal benefit
c) objective function
Explain what is marginal analysis.
In the context of marginal analysis what is the benefit maximization rule?