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22-09-2020
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Which of the following is a correct application of Marginal Analysis? a. You buying 4 pairs of shoes for $240 because you are willing to buy the first pair for $60. b. You buying a forth pair of shoes for $60 because you are willing to buy the first pair for $60. c. All of these are correct applications of Marginal Analysis. All of these are correct applications of Marginal Analysis. d. You deciding not to buy a forth pair of shoes for $60 because you only value an additional pair at $50.

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eooyibo123 eooyibo123

25-09-2020

Answer:

d. You deciding not to buy a forth pair of shoes for $60 because you only value an additional pair at $50.

Explanation:

Marginal analysis is the process by which an individual nor entity balances the additional benefit derived from an activity with the additional cost incurred.

This analysis is used to maximise satisfaction. When the benefit of an additional unit of a product outweighs the cost, then it will be purchased.

However when the additional benefit is less than the cost then we ignore the activity.

In this scenario if the perceived benefit of a shoes is $50 and the cost is $60, benefit is less than the cost. So the consumer should not buy the shoes.

This is an example of marginal analysis application.

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