December 2012
Beginner
560 pages
22h 31m
English
Content preview from Economics: Theory and Practice, 10th Edition
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
CHAPTER 11
Benefits, Costs, and Maximization
CHAPTER OBJECTIVES
To explain the basic process of balancing costs and benefits in economic decision making.
To introduce marginal analysis, and to define marginal benefit and marginal cost and explain their relationship to total benefit and total cost.
To explain how individuals measure the costs and benefits of actions, and to introduce the Law of Diminishing Marginal Utility.
To explain the measurement of business costs, revenues, and profit, and to differentiate between normal and economic profit.
To identify the rules for maximizing satisfaction by individuals and maximizing profit by businesses.
To introduce the concepts of externalities and social costs and benefits.
To examine how individual costs and benefits form the basis of collective, or public, choices.
As we know, life is all about choices, big and small. Individuals and businesses are constantly making choices while weighing their costs and benefits to try to maximize some result. We choose how to spend our time and money; businesses choose products to sell and how to operate; and as a society we make collective choices that impact our lives.
Whether we are trying to figure out what to do on a Saturday night, or a developer is trying to decide about the best housing options for a project, or government officials are trying to set air quality standards, the thinking ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.