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Bob's total benefit and total cost schedules for plates of fried clams are listed in the table below. Use it to answerthe next 3 questionsQuantity|(plates)Total234567898152126313232BenefitsTotal412162432Costs303628

Question

How many plates of claims will Bob consume in total?

Bob's total benefit and total cost schedules for plates of fried clams are listed in the table below. Use it to answer
the next 3 questions
Quantity
|(plates)
Total
2
3
4
5
6
7
8
9
8
15
21
26
31
32
32
Benefits
Total
4
12
16
24
32
Costs
30
36
28
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Bob's total benefit and total cost schedules for plates of fried clams are listed in the table below. Use it to answer the next 3 questions Quantity |(plates) Total 2 3 4 5 6 7 8 9 8 15 21 26 31 32 32 Benefits Total 4 12 16 24 32 Costs 30 36 28

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check_circleAnswer
Step 1

The consumption done by the individual provides the marginal benefit to the consumer and the expenditure at the level of consumption of the commodity is known as the total cost. The additional benefit received by the consumer from consuming each additional unit of the commodity is known as the marginal benefit and the increase in the cost at each level is known as the marginal cost.

Step 2

The law of diminishing marginal utility states that as the consumer continues to consume more units of a same commodity without any interval, the marginal utility from each additional unit would start to decline. The marginal benefit can be calculated by subtracting the total benefit of first unit from the second and so on as follows:

Marginal benefit = Total benefitecond unit-Total benefitirst unit
fit
=15-8
=7
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Marginal benefit = Total benefitecond unit-Total benefitirst unit fit =15-8 =7

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Step 3

Similarly, the marginal cost can be calcula...

Marginal Cost = Total Costsecond unit-Total Cos First unit
8-4
= 4
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Marginal Cost = Total Costsecond unit-Total Cos First unit 8-4 = 4

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Consumer demand theory

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