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this chapter heavily concentrates on two key ideas.
First, the idea that firms (and individuals) should make decisions on how they optimize “on the margin” (where MC=MR). Often people get confused and think about making decisions based on the average (such as average total cost). The average total cost includes FIXED costs, which are sunk and shouldn’t influence future decisions.
Second, the idea of diminishing marginal returns. That’s the idea that each additional unit provides less benefit than the previous unit consumed.
Use these concepts to explain one action you did ONLY to where MR=MC and not your actual “100% best ability”.
For example, you didn’t study Economics for 100 hours this week because the Marginal Benefit of the 100th hour was less than the incremental knowledge you might have gained using the 100th hour elsewhere, such as studying Chemistry. As a result, you used some of your time doing something other than economics.
Edit: I’m not asking for an example of a pure trade-off. I don’t want an I didn’t work so I could spend time with my family. While that’s true and related, that’s not what I’m asking. I am trying to make sure you recognize the concept of MARGINAL. Why didn’t you do some activity to the literal best of your ability? For example, I spent hundreds of hours preparing for this class, but I didn’t spend 24 hours a day. No matter how many hours I spent, I could have done one more. So why didn’t I? At some point, the added hour would have produced such a slight difference in the outcome that it wouldn’t have been worth the relative cost. Name one thing you didn’t do to your literal absolute best.
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