Economics Worksheet

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Title: Economics Worksheet

Essay Details:

Subject: Miscellaneous

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Date: August 26, 2016

Level: University

Grade: A

Length: 3 / 733

Essay text:

"Marginal analysis refers to the comparison of marginal benefits and marginal costs" (McConnell & Brue, 2004, pg. 4) When individuals act to satisfy their wants, they behave rationally. Rational behavior is consistent behavior that maximizes an individual's satisfaction. The notion of rational behavior rests on three assumptions: ???First the individual has a preference and can identify, within limits, what he or she wants. ???Second, the individual is capable of ordering his or her wants consistently, from most preferred to least preferred. ???Third, the individual will choose consistently from these ordered preferences to maximize his or her satisfaction...

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