the seventh glass of soda that tim consumes will
produce an extra benefit of 10 cents and has an extra cost of zero.
the cost benefit principle predicts that tim will:
A. realize he has had too much soda to drink and go home
B. drink the seventh glass and continue until the marginal benefit
of drinking another glass of soda is zero.
C. volunteer to empty out the fountain
D. not drink the seventh glass
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the seventh glass of soda that tim consumes will produce an extra benefit of 10 cents...
Consider the following dialogue between Gilberto, a student in an introductory economics class, and Gilberto’s teaching assistant, Lucia. GILBERTO: Hi, Lucia. I was very confused by what the professor was lecturing on today in class. The professor said that in real life many people do not use marginal analysis and mistakenly look at average costs and benefits when making decisions. What did she mean by that? LUCIA: Hi, Gilberto. A lot of students have had questions about this topic. Let’s...
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