Economics Discussion 1 - What costs and benefits were relevant
Economics Db 1
After watching the video clip from Saving Private Ryan, what were the marginal benefits and marginal costs of the mission to save Private Ryan? Make sure to consider both the explicit and implicit costs involved. Answer the following questions:
a) What costs and benefits were relevant to Tom Hanks’ character when considering the choice between “the mission and the man?” In his mind, could he rationalize whether the marginal benefits outweighed the marginal costs?
b) Describe a choice you made at some point in your life, and explain it in terms of marginal benefits and marginal costs.
c) Can you think of a time in your life when comparing marginal benefits and marginal costs would have been inappropriate?