A restaurant offers an "all you can eat" lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use marginal analysis to make his decision.

Richard runs a pizza delivery restaurant. List the three basic types of decisions economics studies and give an example from Richard's restaurant.

Alfred marshall concept of marginal utility

Which concept refers to the tendency of individuals to overvalue the utility of an item they already possess compared to an identical item they do not possess? A. Diminishing marginal utility B. Marginal cost C. Sunk cost fallacy D. Endowment effect

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If 2 tacos and 3 drinks cost $12, and 3 tacos and 2 drinks cost $13, how much does a taco cost?

How do I find opportunity cost

Marginal Analysis 5. Suppose you choose to eat 3 slices of pizza for dinner. An economist who is using marginal thinking to analyze your decision would be most interested in the answer to which of the following questions? A) Why did you eat 3 slices of pizza instead of 4 B) Why did you eat more than 1 slice of pizza? C) Why didn't you eat 5 slices of pizza? D) Why did you have pizza instead of a salad? 6. The additional benefits you would get if you had taken 1 more credit this semester is the: A total beneit of college credits B) marginal cest of a college credit total cost of college credits D) marginal benefit of a college credit/ 7. Which of these gives the best definition of "the margin" as economists use the term? A The value of the next best choice that you give up when you make a decision E The limit to an individual's ability to do complex mathematical calculations C) The dividing line between an action that is taken and an action that is not taker ) The difference between the…

Chapters 2 1. Suppose Alphonso's town raises the price of bus tickets from $1 to $2 and the price of burgers rises from $2 to $4. Why is the opportunity cost of bus tickets unchanged? Suppose Alphonso's weekly spending money increases from $10 to $20. How is his budget constraint affected from all three changes? Explain and sketch the difference graphs.