By John Sloman
Sloman's Economics has confirmed to be a really renowned textual content, with continuously optimistic suggestions from scholars. complete and fully up to date, this 6th version is the proper advent for college students learning economics for the 1st time. And it is rigorously designed to reinforce studying and support your scholars to enhance their marks too! appropriate to be used on rules of economics classes on unmarried or joint honours economics measure programmes, or on introductory economics classes as part of a company, social technology or different measure programme.
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This same principle applies to rational decisions made by consumers, workers and firms. For example, the car firm we were considering just now will weigh up the marginal costs and benefits of producing cars: in other words, it will compare the costs and revenue of producing additional cars. If additional cars add more to the firm’s revenue than to its costs, it will be profitable to produce them. Rational decision making, then, involves weighing up the marginal benefit and marginal cost of any activity.
If there are several other things you could have done, is the opportunity cost the sum of all of them? 2. What is the opportunity cost of spending an evening revising for an economics exam? What would you need to know in order to make a sensible decision about what to do that evening? 1. Why is the cost of food not included? 2. Make a list of the benefits of higher education. 3. Is the opportunity cost to the individual of attending higher education different from the opportunity costs to society as a whole?
1. Assume that a firm is selling 1000 units of a product at £20 each and that each unit on average costs £15 to produce. Assume also that to produce additional units will cost the firm £19 each and that the price will remain at £20. To produce additional products will therefore reduce the average profit per unit. Should the firm expand production? Explain. 2. Assume that a ferry has capacity for 500 passengers. Its operator predicts that it will typically have only 200 passengers on each of its midweek sailings over the winter.