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Weighing costs and benefits

Weighing costs and benefits

A rational decision maker compares the total benefits of an action with its total costs. A decision improves welfare when its benefits exceed its costs.

7.4.7 use of costs and benefits in analysing decisions (knowledge of net present value is not required) Lesson

  1. Intl A Level
  2. /Economics
  3. /7.4.7 use of costs and benefits in analysing decisions (knowledge of net present value is not required)

Step-by-step lessons on CIE Intl A Level Economics 7.4.7 use of costs and benefits in analysing decisions (knowledge of net present value is not required). Each one builds up to exam-style questions.

Lessons