Chapter 9 Making Decisions

Chapter 9 Making Decisions

Author: Matthew Lonn

Students will examine the concept of Marginal Analysis and be able to apply it to gain a better understanding of how consumers and producers make decisions.

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Introduction to Psychology

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Questions you should be able to answer after the lesson.

1. Be able to explain the difference between implicit and explicit costs.

2. Describe the difference between accounting profit and economic profit.

3. Use the concept of Marginal Analysis to figure out the optimal quantity of a good or service that will be produced/purchased.

Chapter 9 Notes

Marginal Analysis Video

Source: You Tube