Question

You have decided to sign up for an individual intramural competition this semester and want to improve your performance from a prior competition. What economic concept would you use to design your training​ plan? ​Hint: this question is not about using concepts like​ markets, positive or normative​ analysis; there is an economic concept introduced in this chapter that is applicable to improving your athletic performance

Answer 1

In decisions such as improving performances you can use marginal analysis. Marginal means additional. Here we use marginal product of labor or productivity. With each additional labor unit employed, marginal or additional product goes on falling but total product keeps increasing till marginal product becomes zero. You can score practice using the concept of marginal product where you have to measure how much your performance is improved with each additional effort/attempt. When you found that additional efforts or attempts are not bringing any improvement in your performance, it would imply that your performance is at its best.