Give examples of how we weigh marginal cost and marginal benefits in our personal lives.economics class -- these examples of marginal cost and...

Economists say that we are always using marginal analysis
(looking at marginal costs and marginal benefits) when we decide what to do in our daily
lives.  The costs and benefits can be tangible or intangible.  Here are some
examples:

• My family plans a trip to Disneyland. 
  We can buy a 3 day pass to Disneyland or a 5 day pass.  Will the marginal cost of the 5
  day pass (whatever the difference in price plus two more nights of hotel and food) be
  more or less than the marginal benefit (the extra fun of having two more days
  there)?


• A parent needs to decide whether to work
  overtime.  Will the marginal benefit (the extra money) be greater than the marginal cost
  (loss of time at home with the family)?


• I am going
  shopping for groceries and I have to decide whether to buy organic or conventional
  vegetables.  Will the marginal cost (how much more the organics cost) be greater than
  the marginal benefit (healthier food, perhaps, and less impact on the
  environment)?

In all of these cases, it is up
to the person involved to do the calculation.  There is no actual right answer because
these are examples where either the cost or the benefit is
intangible.