Econ: Decision Making

Cost-Benefits Analysis BalanceHere is the dilemma: There are twelve people in the fallout shelter, but there is little food, water, and other supplies to keep them all alive. There are supplies enough to allow seven of the twelve people to survive. Your task is to decide, based on the information given, which people will be allowed to remain, and which people will be required to leave the shelter. At issue is the survival of human civilization. If human beings are to repopulate the Earth, such repopulating will begin with those survivors chosen by you. The cost of your decision is measured in terms of the next best alternative use of resources (people’s knowledge and skills) given up when one choice is made rather than another.

Econ Homework:
1. Read Chapter 2.4-2.5 pp.26-33



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