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Emma was swimming 50-meter laps at her community pool, and despite being tired, decided to swim 2 additional 50-meter laps.
Based on her actions, economists would conclude that Emma
must really like swimming.
decided that the marginal benefit of swimming the extra laps would outweigh the cost of the additional laps.
decided that the marginal cost of swimming the extra laps would outweigh the benefit of the additional laps.
decided that the marginal cost and benefit would be equal, so she should swim the additional laps..
must not have been that tired, so no marginal analysis was needed since the marginal cost of the extra laps was very low.