$ per unit U 0 U U U 5 U 4 3 2 1 a e b a с MB/MC Graph Use the graph above to answer the following question. What area(s) represents the total benefit of 3 units? Select zero or more of the letters listed below to indicate the total graphical area. b -- C (D 2 3 MC MB Number of units (x)

$ per unit U 0 U U U 5 U 4 3 2 1 a e b a с MB/MC Graph Use the graph above to answer the following question. What area(s) represents the total benefit of 3 units? Select zero or more of the letters listed below to indicate the total graphical area. b -- C (D 2 3 MC MB Number of units (x)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Shirley has to choose between a 2-day trip and a 3-day trip to Hollywood. The table below shows the expected benefit and cost for the different days. Apply both optimization using total value and optimization using marginal analysis to determine what Shirley's optimum decision should be. Does the decision differ with the techniques used? Which technique is faster to implement? Day Cost Benefit 1 $750 $800 2 $900 $1,000 3 $600 $800
a) At 200 units of the activity, marginal benefit is $__________ and marginal cost is $__________. b) Adding the 200th unit of the activity causes net benefit to __________ (increase, decrease) by $__________. c) At 700 units of the activity, marginal benefit is $__________ and marginal cost is $__________. d) Subtracting the 700th unit of the activity causes net benefit to __________ (increase, decrease) by $__________. e) The optimal level of the activity is __________units. At the optimal level of the activity, marginal benefit is $__________ and marginal cost is $__________.
Use the following marginal benefit and marginal cost functions for activity A: MB = 100 - 5AMC = 20 + 3A The fifth unit of activity Awill increase net benefits by 75. reduce net benefits by 35. decrease net benefits by 40. increase net benefits by 40. reduce net benefits by 75.
. The price of a car you want is $35,000 today. Its price is expected to increase by $1000 each year.You now have $21,000 in an investment account, which is earning 7% per year. How many yearswill it be before you have enough to buy the car without borrowing any money? (Use Goal Seek todetermine the time taken.)
a) At 200 units of the activity, marginal benefit is $__________ and marginal cost is $__________. b) Adding the 200th unit of the activity causes net benefit to __________ (increase, decrease) by $__________.
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The Australian households are suffering from increased household energy expenditure. Therefore, the New South Wales Government decided to provide short-term relief to NSW residents by subsidising a portion of the quarterly household electricity bill. This public policy measure will result in efficiency consequences. Do you agree or disagree? Explain with the help of a well-labelled diagram. Please include diagram
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