Question

A good/rational businessman makes decisions on ["the median", "the big picture", "the margin", "the average"]

This is because at this level its easy to see if the ["cost", "wages", "benefit"] outweighs the ["benefit", "cost", "wages"] at which point you would not produce

This means the economist is always asking ["is this worth doing again", "can i do this", "shall i go back and do less", "should I produce another 10 units"]

The city government is considering expanding its park system. It has 5 parks for the 100,000 population. Its considering building 5 more parks. Should it build 5 more parks? (Select) - >[yes|simply no| difficult to analyze this| It should consider building 1 more]

Game Theory in Sports? like soccer or volleyball?

Answer 1

A good/rational businessman makes decisions on "the margin"

This is because at this level it’s easy to see if the "cost" outweighs the "benefit" at which point you would not produce

This means the economist is always asking "should I produce another 10 units"

The city government is considering expanding its park system. It has 5 parks for the 100,000 population. Its considering building 5 more parks. Should it build 5 more parks? difficult to analyze this (This is because information on the marginal cost and benefit of park building is not provided)