Assume That an Individual Has to Choose Between Two Options,buying

question 42

Essay

Assume that an individual has to choose between two options,buying a cell phone or buying an iPad.The expected cost of buying a phone is $700 and the expected benefit is $900.The expected cost of buying an iPad is $300 and the expected benefit is $600.How does the individual arrive at the optimal choice if he implements:
a)optimization using total value?
b)optimization using marginal analysis?

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Definitions:

Sphincter

A muscle that surrounds and can close or open a bodily opening.

Meconium Stool

The first feces of a newborn, a thick, green, tar-like substance that is typically passed within the first few days of life.

Anal Patency

The state of the anal opening being open and unobstructed, allowing for the passage of stool.

Newborn Infant

An infant from birth up to 28 days of age, during which time they adapt to life outside the uterus, showing rapid physiological changes.