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24 January, 06:17

Suppose you are spending two hours a day studying economics, and your grade is 85 percent. You want a higher grade and decide to study for one extra hour a day. As a result, your grade rises to 90 percent. Your marginal benefit of the hour studying is

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  1. 24 January, 06:40
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    a 5 percent increase in your grade.

    Explanation:

    Marginal benefit refers to the additional benefit or utility obtained from consuming one extra unit of a product or service, or doing one extra unit of some type of activity.

    For example, the marginal benefit of working out at least 30 minutes per day is that you body will be in better shape and you will be healthier. The marginal benefit of buying one more gallon of gas is that you will be able to drive your car 25 more miles.
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