In the following examples, state how you would use the principle of marginal analysis to make a decision.
a. Deciding how many days to wait before doing your laundry
b. deciding how much library research to do before writing your term paper
c. Deciding how many bags of chips to eat
d. Deciding how many lectures of a class to skip
I will give you an outline of a).
I wonder how many days I can make my clean underware last? But what if I wait so long and then have something else I have to get done?
To use the principle of marginal analysis, also known as marginal thinking, you need to evaluate the additional or marginal benefits and costs associated with each decision. Here's how you can apply marginal analysis to make decisions in the given examples:
a. Deciding how many days to wait before doing your laundry:
To apply marginal analysis, you would consider the additional benefits and costs associated with waiting each day before doing your laundry. For instance, the benefits of waiting may include saving time or getting more laundry done in one batch, whereas the costs may include running out of clean clothes or not having your favorite outfit available. By weighing these factors, you can determine the optimal number of days to wait that maximizes your overall benefit.
b. Deciding how much library research to do before writing your term paper:
Marginal analysis can be utilized to evaluate the additional benefits and costs of doing additional library research for your term paper. By considering the time spent researching and the benefits it adds in terms of knowledge, supporting evidence, or stronger arguments, you can determine the point where the marginal benefit of additional research starts to diminish compared to the marginal cost of spending more time. This will help you find the optimal amount of research for your specific needs.
c. Deciding how many bags of chips to eat:
When deciding how many bags of chips to eat, marginal analysis can help you evaluate the additional satisfaction or enjoyment derived from consuming each additional bag of chips against the potential costs. Factors such as taste, cravings, and hunger may influence the benefits, while the costs may include health implications, dietary concerns, or excess calorie intake. By comparing the marginal benefits and costs, you can decide how many bags of chips would be the most enjoyable without excessive negative consequences.
d. Deciding how many lectures of a class to skip:
Applying marginal analysis to decide how many lectures of a class to skip involves comparing the additional benefits and costs associated with each skipped lecture. The benefits may include being able to catch up on other coursework, rest, or engage in extracurricular activities. However, attending lectures provides important information, insights from the professor, and potential participation points. By considering these factors and weighing the marginal benefits against the marginal costs, you can determine the appropriate number of lectures to skip or attend based on your academic goals and priorities.