Economics article and discussion

Document Type:Article

Subject Area:Economics

Document 1

In this application, there is an example of an opportunity cost of giving up working as a janitor to start the lawn business. CH1 Application 2 Application 2 of chapter one illustrates how people think at the margin. The cost discussed in this application is the marginal cost. An example of the marginal cost of speed is presented and a brief discussion is presented to elaborate on how marginal cost of speed affects shipping business. It is said that the increase in the cost of fuel increases the marginal cost of speed thus causing the shipper to slow the ship. Since realtors are associated with real estate sellers then they fit to be classified under an economic topic. According to Levitt, not maximizing sales price for sellers can be economical rather than failing to get anything if the property or product remained in the market.

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