Question

Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.

Answer 1

1) I'm a restaurant owner and I heard feedbacks that the order processing was late and people started to ignore my restaurant and with that, I've hired an additional helper for the cook and with that the order processing became quick. So I had to offer a wage to the helper and also with that the margin increased by additional 63% which is far more from the wage.

2) While issuing tickets to the show, there was only a single counter and people had to wait in long queues and with that they ignored my show at times. However, When I had opened a new counter with an addition person for daily wages, many people came to watch the show as the queue length decreased and the profit margin increased.

3) WIth the opening of a new soft drink mini store inside my restaurant by apponiting a helper, my sales got incresed a lot and the amount of profit I made with that decision is a lot more than the wage given to the person I appointed.