Description should include
- understanding that few choices are all-or-nothing decisions
- defining marginal cost and marginal benefit
- defining diminishing marginal utility
- explaining the importance of the marginal cost and marginal benefit of a decision
- identifying examples of marginal costs, marginal benefit analysis using a cost- benefit analysis chart and PACED decision-making grid (i.e., state the problem; list alternatives; identify the criteria; evaluate the alternatives based on the criteria; make a decision).