MGEA02H3 Study Guide - Final Guide: Marginal Cost, Marginal Utility, Opportunity Cost

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MGEA02H3 Full Course Notes
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MGEA02H3 Full Course Notes
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Mallory decides to spend 3 hours working overtime rather than watching a video with her friends. Russell spends an hour studying instead of playing tennis. Since russell chose to study rather than to play tennis, the value of studying must have been the enjoyment and exercise he would have received had he played tennis. Type: m section: 1 difficulty: 1 earns an hour. Type: m section: 1 difficulty: 3 playing tennis. greater than the value of playing tennis. People make decisions at the margin by following tradition. experience. calculating dollar costs. comparing costs and benefits. comparing costs and benefits. The word (cid:515)margin(cid:516) means edge. distance. space. measure. edge. A drought hits the upper midwest and the price of wheat increases from . 00 per bushel to . 00. After much consideration, you have chosen cancun over ft. lauderdale for your spring break trip this year. She was working 40 hours per week and now works 10.

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