Marginal Cost vs. Marginal Benefit

Marginal Cost vs. Marginal Benefit

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  • Marginal Benefit vs. Marginal Costs
  • Oh nooo! It appears I have shattered my very expensive iPhone 7 plus. This is the fourth time this year!
  • iPhone XR $749.00 64GB Black
  • Oh my! This phone cost way more than it would cost to get my phone fixed!
  • This is the story of how Reagan made the decision to get a new iPhone.
  • Benefit of getting phone fixed: - I will have a working phone - Cheap Cost: - Decreased value - Temporary solution - Old operating system
  • Benefit of new phone: - Useful new phone - Working screen - High value Cost: - More expensive
  • Walking in the Target parking lot, Reagan lost her grip on her phone and dropped it. The impact shattered the screen completely.
  • Yay! I love my new phone. My old phone just wasn't worth another repair
  • My old phone's marginal benefit was decreasing, but my new phone's marginal benefit is at its maximum!
  • Reagan figured this would be a good time to consider getting another phone, so she did some research on one of the newest iPhones.
  • Reagan decided to weigh the cost and benefit of each choice
  • I will make a chart to identify which choice has a greater marginal benefit than marginal cost
  • Reagan decided that the best choice would be to purchase the new iPhone, as it would result in much more satisfaction for her.
  • Although Reagan has a new and improved phone, she will remember her old phone forever
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