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How does optimization using total value differ from optimization using marginal analysis? Assume ...

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How does optimization using total value differ from optimization using marginal analysis? Assume ...

How does optimization using total value differ from optimization using marginal analysis? Assume that the city council has to choose one of the following three alternatives—setting up a school, setting up a hospital, and setting up a playground. The estimates of the expected cost and benefit of all three projects are shown in the following table. How does the city council arrive at the optimal choice if both the techniques of optimization are implemented? Do the results vary?

Project	Cost ($)	Benefit ($)
Playground	15,000	30,000
School	20,000	50,000
Hospital	50,000	75,000

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 35 times

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this is exactly what I needed

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