What is meant by rational behavior
and benefits & Cost in economics

Rational behavior refers to a decision-making process that is based on making choices that result in the optimal level of benefit or utility for an individual. ... Most classical economic theories are based on the assumption that all individuals taking part in an activity are behaving rationally.

Explanation:

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Rational behavior refers to a decision-making process that is based on making choices that result in the optimal level of benefit or utility for an individual. The assumption of rational behavior implies that people would rather take actions that benefit them versus actions that are neutral or harm them. Most classical economic theories are based on the assumption that all individuals taking part in an activity are behaving rationally.                                         Economic cost looks at the gains and losses of one course of action versus another. It does this in terms of time, money, as well as resources. The term also includes determining the gains and losses that might have occurred by taking another course of action.

Economic cost includes opportunity cost, unlike accounting cost, which only takes into account the amount of money spent.

Economic cost is the accounting cost (explicit cost) plus the opportunity cost (implicit cost). Implicit cost refers to the monetary value of what a company foregoes because of a choice it made.

Explanation:

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