Question

most real-world choices aren't about getting all of one thing or another, instead, most choices involve , which involves comparing the benefits and costs of choosing a little more or a little less of a good. econ final

Answer 1

Projects that will require significant investment and that will result in future benefits are typically evaluated in terms of predicted return.

The traditional methods of determining benefits whether a project is worthwhile include comparing the predicted yield to the interest rate or the to the project's capital cost. Accounting-wise, the expense is simple to understand. When and how it is incurred are considered The fact that an incredible innovation has never been discovered in a vaulted warehouse doesn't lessen people's conviction that such things exist—they're hidden, after all. The truth is that valuable ideas are swiftly made available because the opportunity cost of keeping them hidden is so high. Only in the minds of those who lack economic knowledge do hidden innovations exist. Russ Roberts and guest speaker Michael Munger of Duke University discuss the economics of ticket scalping while exploring human responses to free and abandoned items, presents, e-Bay, value in use versus value in exchange, and opportunity costs.

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