You are debating on whether or not to spend the next hour st

You are debating on whether or not to spend the next hour studying for your chemistry exam or playing pool. The way to decide from the standpoint of economics is: A. comparing the marginal benefit of studying to the marginal benefit of playing pool. B. comparing the marginal cost of studying to the marginal benefit of playing pool. C. comparing the total cost of studying to the total benefit of playing pool. D. all other responses are wrong.

Solution

A. comparing the marginal benefit of studying to the marginal benefit of playing pool.

To evaluate the value of next 1 hour one will have to calculate the additional benefits derived from studying for chemistry exam for the next 1 hour. At the same time I need to check the cost of studying the chemistry exam, that how much i will have to forego in terms of not playing pool. The marginal benefits of studying for chemistry exam will not be much if I am studying continuously for 8 hours and an hour to play pool will be beneficial. Similarly if some basic topics are remaining to be checked into and are most important for exam then I will chose the studying than playing pool.

I will compare the benefits derived from additional hour into studying for chemistry exam and one hour of playing pool.

Please feel free to ask for any clarification.