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Thursday, June 17, 2004

Marginal Benefits = Marginal Costs?

In principles (and higher level) economics courses, we neo-conservative economists like to preach the good word that decisions are consistent with rationality, preference, and local nonsatiation. We also like to think that decisions are made so that the marginal benefits equal the marginal costs. Well, the real world is a bit more fickle about the information that we have at any given time.

I am sure that this guy figured on having his Ferrari for a lot longer than he did.

In the end, the author figures that each minute in the Ferrari cost $80,000 per minute.

Did the Marginal Benefits equal the Marginal Costs?

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