What is meant by comparative statics? Is it different from the concept of marginal analysis? Explain with the help of suitable examples.
30) What are the different steps involved in optimization in differences?
31) Mary has to choose between a four-day vacation and a five-day vacation to the same place. To arrive at the optimal choice which optimization technique do you think will be arithmetically easier and faster to implement and why?
32) What is the Principal of Optimization at the Margin? Explain with an example.
33) If the marginal total cost when moving from option A to option B is negative and the marginal total cost when moving from option B to A is positive, which of the two options is better? What is the underlying principal behind the decision?
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