MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 1, Problem 5QE
To determine

Explain the choices in terms of marginal benefits and marginal costs.

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Jay has spent $2400 purchasing and repairing an old tractor, which he expects to sell for $4000. He discovers that he needs an additional repair, which will cost $600. He can sell the tractor as it is now for $1200. What should he do?    A. He should never sell something for less than it cost.  B. He should complete the repairs and sell the tractor.  C. He should take the $1200.  D. It doesn’t matter which action he takes; the outcome is the same either way.
how do you deal with opportunity cost
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