Define marginal benefit. Show the efficient point using a marginal cost/benefit diagram

Q: Can you please explain how to calculate Total Cost, Total Benefit, and Net Benefit from looking at a…

A: Total cost is the cost that measures the total opportunity cost of each production factor…

Q: Show how the minimum explicit benefit someone is willing to accept (WTA) to partake in an activity…

A: The monetary worth of an environmental good is generally determined by the monetary value placed on…

Q: Question 2 Your marginal benefit from eating candy bars is shown in the table below: Marginal Candy…

A: At a marketplace, a mariet price in the perfectly competitive market will be considered as the…

Q: Which is correct? the difference in the slope of the total beenfit curve and the total cost curve…

A: The marginal benefit is calculated by differentiating the total benefits curve, so it is a slope of…

Q: The Marginal Benefit is zero when the Total Benefit curve is at its maximum. True or False

A: Marginal Benefit (MB): - it is the additional benefit derived from the consumption of additional…

Q: Which method is used to find the optimal allocation of natural resources? Explain with the help of…

A: Natural Resource Economics is defined as the demand, supply and  the allocation of the Natural…

Q: our marginal benefit from eating candy bars is shown in the table below: Marginal Benefit Candy (MB)…

A: The change in total utility or benefit when one additional unit is consumed is known as the marginal…

Q: An apartment complex included a fixed price of water in the monthly rent. One day, the city decided…

A: At its most fundamental level, economics attempts to explain how and why we make the purchasing…

Q: (Figure: Marginal Benefit Curves) Use the graph of marginal benefit curves for slices of cheesecake…

A: The buyer would buy a product of such quantity, where marginal benefit obtained from the product…

Q: 1. Scarcity, opportunity cost, and marginal analysis Caroline is training for a triathlon, a timed…

A: Opportunity cost can be defined as a next best alternative in use, which is sacrificed for something…

Q: Does a 24/7 store follow the marginal benefit principle?

A: The marginal benefit can be understood as equals the amount by which total benefit rises or enjoyed…

Q: resources are scarce it is important to use them efficiently define efficiency in economics

A: Economics is a field of study where we study about production, consumption, and wealth. We focus on…

Q: How does cost-benefit analysis differ from cost-effectiveness analysis?

A: Definitions: Cost-benefit analysis:  A cost-benefit analysis assesses the profitability of…

Q: I am trying to figure out how to find the marginal benefit

A: To show how to calculate the marginal benefit.

Q: Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market Th costs…

A: Answer: Marginal cost: It refers to the additional cost incurred by giving an additional hour to…

Q: Use a real-life example of a social influencer helping create

A:

Q: How would you decide "how many pizza slices to eat a buffet? Which two laws to consider?     A.…

A: Marginal analysis is a process of decision making in which an individual compares the incremental…

Q: Weekly Income: $28 Price of Soup: $5 Price of dessert: $3 i) How much dessert should be consumed at…

A: Answer - Given in  the question - Weekly Income: $28Price of Soup: $5Price of dessert: $3

Q: Assignment Part I: Cassian is attending a football game at the University of Georgia. It's a hot and…

A: 1. Each slushie cost $4 at the concession stand.  Thus,  marginal cost of slushie=$4

Q: An efficient allocation of resources occurs when?

A: An efficient allocation of resources happens when resource allocation can be governed with the…

Q: 1.Suppose the marginal costs (MC) of reading are constant & the marginal benefits (MB) of reading…

A: 1) Given that marginal cost is constant, it implies that it would be parallel to x axis. The MB…

Q: Play Video Games Talk on Phone Quantity Total (hours) Benefit Total Benefit Watch a Movie Total…

A: Marginal benefit=next total benefit value-previous total benefit value. Play video games…

Q: Which of the following statements are correct?     The marginal benefits curve is the slope of the…

A: Marginal benefit is the amount of money a consumer is willing to pay for an additional goods and…

Q: Say a market is efficient. Which of the following occurs?   Question 1 options:   Consumer surplus…

A: Market efficiency refers to the extent to which market prices reflect all available and relevant…

Q: Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table…

A: Marginal benefit can be calculated the subtraction of TBn-1 from TBn. marginal benefit for 2nd hour…

Q: Your marginal benefits from eating candy bars is shown in the table below # Hotdogs Marginal…

A: PLEASE BE NOTED THAT YOU HAVE POSTED TWO DIFFERENT QUESTIONS AT A TIME WHICH IS AGAINST SOLVING…

Q: Hi! Could someone help me with this? Thank you!!!!!

A: We are authorized to answer three subparts at a time since you have not mentioned which part you are…

Q: Why is the equality between the marginal benefit and marginal cost of an action an equilibrium…

A: Marginal benefit and marginal cost are two different concepts.  Marginal benefit is the amount the…

Q: You are in a bookstore. Your benefit from a book, expressed in dollars, is $32. The price is $17. If…

A: Opportunity cost is the foregone benefit derived from not choosing the alternative option.

Q: Cassian is attending a football game at the University of Georgia It's a hot and sunny day and he is…

A: Answer: Given, Cost of slushie = $4 (1). Marginal cost: it refers to the additional cost of buying…

Q: Can you help me with below homework question. Which of the following economic criteria is concerned…

A: The answer is d) Allocation efficiency.

Q: Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total…

A: Introduction: Total benefits of ownership is a metric that attempts to summarize the beneficial…

Q: Describe and explain a case in which the market does not allocate an efficient amount of resources.

A: Allocation is efficient when price charged is equal to marginal cost (MC), such that the sum of…

Q: It is a beautiful afternoon, and Jose is considering taking a leisurely two-hour stroll through the…

A: Opportunity cost:- This can be explained as the possible rewards that a person, investor, or…

Q: 1. Working with Numbers and Graphs Q1 Suppose the marginal costs of reading are constant at $14 per…

A: Marginal cost will be a horizontal line with Y  intercept of 14  and MB will be straight downward…

Q: Give an example of how scarcity of a product would have an impact on a microeconomic level. Please…

A: Scarcity means the availability of limited resources to carry out economic activities. It is a basic…

Q: Which core principle is represented in this scenario if any? If the price of candy bar is $3 how…

A: Change in total benefits following one additional use of good, is called marginal benefit. here, in…

Q: What is the main idea behind the concept of allocation of resources?

A: One of the most important functions of an economic system is the optimal allocation of scare…

Q: In the economy, is there only one efficient combination of goods?

A: Meaning of Production Possibility Curve/Frontier: Production possibility is a curve showing…

Q: Why is the equality between the marginal benefit and marginal cost of an action an equilibrium…

A: Marginal benefit can be defined as the additional gain after consuming an additional amount of given…