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Suppose the president is attempting to decide whether the federal gov should spend more research to find a cure for heart disease
Suppose the president is attempting to decide whether the federal gov should spend more research to find a cure for heart disease. How should policymakers determine the amount of money that should be allocated for research curing heart disease?
a. The value of the total benefit of research on curing other diseases.
b. Whether the last dollar devoted to research on heart disease results in more benefit than the last dollar spent on research for curing other diseases.
c.The value of the total benefit of the research on heart disease.
d. The number of people who die from heart disease compared to the number of people who die from other diseases.
Expert Solution
The correct answer is b. Whether the last dollar devoted to research on heart disease results in more benefit than the last dollar spent on research for curing other diseases.
Economic policymakers should use marginal analysis in decision making. An economist should consider the marginal benefit and marginal cost in decision making.
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