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1.4: Cost-Benefit and Marginal Analysis
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AP Microeconomics notes from Unit 1, Section 4: These notes cover different types of economic analysis, including cost-benefit analysis and marginal analysis.
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Some examples from this set of practice questions
1.
What is a trade-off?
Answer: All of the alternatives that we give up when we make a choice
2.
Describe opportunity cost.
Answer: The most desirable alternative given up when you make a choice
3.
What is an explicit cost?
Answer: The traditional out-of-pocket cost associated with making a decision
4.
What is an implicit cost?
Answer: The opportunity cost of making a decision
5.
Describe the process of marginal analysis.
Answer: Making decisions based on increments
6.
You will continue to do something as long as the marginal benefit is ___ than the marginal cost
Answer: Larger
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