{"id":5074,"date":"2016-07-20T21:05:54","date_gmt":"2016-07-20T21:05:54","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/microeconomics\/?post_type=chapter&#038;p=5074"},"modified":"2016-07-26T23:44:36","modified_gmt":"2016-07-26T23:44:36","slug":"outcome-marginal-analysis","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/outcome-marginal-analysis\/","title":{"raw":"Outcome: Marginal Analysis","rendered":"Outcome: Marginal Analysis"},"content":{"raw":"<h2>What you'll learn to do: define marginal analysis<\/h2>\r\nEconomists recognize that very few\u00a0choices in the real world are \"all or nothing.\" Most of the time, people have the choice\u00a0to do a little more or a little less of something: Should you eat one more muffin? Should you study economics for another\u00a0hour? Should you spend a little less money on gas? Economists use the word <em>marginal<\/em>\u00a0to mean \"additional\" or \"extra,\" and they use the term <em>marginal analysis<\/em>\u00a0to describe how people make choices by comparing the\u00a0benefits and costs of doing a bit more or a bit less.\r\n\r\nThe specific things you\u2019ll learn in this section include the following:\r\n<ul>\r\n \t<li>Define marginal cost<\/li>\r\n \t<li>Define marginal benefit<\/li>\r\n<\/ul>\r\n<h3>Learning Activities<\/h3>\r\nThe learning activities for this section include the following:\r\n<ul>\r\n \t<li>Reading: Marginal Analysis<\/li>\r\n<\/ul>","rendered":"<h2>What you&#8217;ll learn to do: define marginal analysis<\/h2>\n<p>Economists recognize that very few\u00a0choices in the real world are &#8220;all or nothing.&#8221; Most of the time, people have the choice\u00a0to do a little more or a little less of something: Should you eat one more muffin? Should you study economics for another\u00a0hour? Should you spend a little less money on gas? Economists use the word <em>marginal<\/em>\u00a0to mean &#8220;additional&#8221; or &#8220;extra,&#8221; and they use the term <em>marginal analysis<\/em>\u00a0to describe how people make choices by comparing the\u00a0benefits and costs of doing a bit more or a bit less.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Define marginal cost<\/li>\n<li>Define marginal benefit<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li>Reading: Marginal Analysis<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-5074\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Outcome: Marginal Analysis. <strong>Authored by<\/strong>: Steve Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18,"menu_order":12,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Outcome: Marginal Analysis\",\"author\":\"Steve Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-5074","chapter","type-chapter","status-publish","hentry"],"part":5047,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/users\/18"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5074\/revisions"}],"predecessor-version":[{"id":5537,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5074\/revisions\/5537"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/parts\/5047"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5074\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=5074"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=5074"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=5074"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=5074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}