Define the marginal cost and marginal benefit and describe the role they play in making a rational economic decision.

See below

Explanation:

Marginal cost is the expense associated with the production of an extra unit. It is the cost incurred by a business should it produce one more unit.

Marginal benefit is the gain resulting from the sale of one more output. It is the revenue earned from the sale of an extra unit of output.

Marginal benefit is compared to marginal cost to determine if producing and selling an extra unit is profitable or not. If the marginal benefit is greater than marginal cost, selling an extra unit is profitable. In making economic decisions, production should continue as long as the marginal benefit is greater or equal to marginal cost. It must stop when marginal cost is more than marginal benefit.

the answer is     d. in our global economy, most job growth will be in services, but manufacturing jobs will exist, too.

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20