Question

List one recent choice you made and explain why you made the choice in terms of opportunity cost, marginal benefits and marginal costs. 150 words long

Answer 1

Consider the fact that i had $i10 in my hand and nothing more than that, I was both hungry and thirsty at that time and for this, I went to a store and and took $5 of cookies and a burger. Here I found that with another $5, I could go for water and a soft drink but I've observed a chocolate which seemed pretty interesting all in all on the whole and for this I decided to go for water instead as I was very thirsty at that time and then I followed with a soft drink on the whole. The marginal benefit of consuming water and a soft drink is reduction in my thirst levels on the whole which can also be called as my utility but the marginal cost of that sort drink as well as the water bottle is the amount that I've spent in order to consume them which is $5 as per the scenario on the whole. Another thing that can be observed here is the fact that there is opportunity cost involved in the whole where my opportunity cost for the consumption of water and also a soft drink is nothing but the chocolate that I foregone to purchase on the whole..