The scenarios each illustrate a principle of economics. Classify each scenario according to the principle that best fits it.On Black Friday, there are huge sales for electronics at many retail stores. David must decide between buying a camera at one store or a flat screen TV at another store, and buying one means losing out on the ability to purchase the other.An educational software company wants to expand the number of economics questions that it offers and is considering hiring another economist. The company compares how much adding another worker will improve the product to the additional cost.Ava finds that there is not enough time after work to have dinner, exercise, and watch TV, and she must make choices about how to use her limited time.

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05-12-2022
Business

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The scenarios each illustrate a principle of economics. Classify each scenario according to the principle that best fits it.On Black Friday, there are huge sales for electronics at many retail stores. David must decide between buying a camera at one store or a flat screen TV at another store, and buying one means losing out on the ability to purchase the other.An educational software company wants to expand the number of economics questions that it offers and is considering hiring another economist. The company compares how much adding another worker will improve the product to the additional cost.Ava finds that there is not enough time after work to have dinner, exercise, and watch TV, and she must make choices about how to use her limited time.

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qwbrown qwbrown · Answer 1 · 2022-12-08T07:43:52-05:00

1. David's decision to buy electronics represents an opportunity cost.

Opportunity costs are the potential benefits that an individual, investor, or business foregoes when choosing one alternative over another. Because opportunity costs are by definition invisible, they are easily overlooked. Understanding the potential missed opportunities when a company or individual chooses one investment over another allows for more informed decisions.

2. The hiring of another economist is based on marginal analysis.

The process of breaking down a decision into a series of 'yes or no' decisions is known as marginal analysis. It is a formal examination of the additional benefits of an activity in comparison to the additional costs incurred by that same activity.

3. Ana's decision about how to spend her time has an opportunity cost.

That is, opportunity cost refers to what you have to give up-at the margin-as a buyer because you can't buy something else if you buy one thing. The marginal cost is the amount of money that a seller or producer must forego in order to sell or produce one more item.

To learn more about opportunity cost and marginal cost, please refer:

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