How do you calculate marginal benefits? For example, what are the marginal benefits of consuming a third plate of dessert? QTY 1 2 3 4 5 6 7 8 9 Total benefits 8 15 21 26 29 31 32 32 30 Total Cost 4 8 12 16 20 24 28 32 36
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How do you calculate marginal benefits? For example, what are the marginal benefits of consuming a third plate of dessert?
| QTY | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
| Total benefits | 8 | 15 | 21 | 26 | 29 | 31 | 32 | 32 | 30 |
| Total Cost | 4 | 8 | 12 | 16 | 20 | 24 | 28 | 32 | 36 |
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- Studying has both costs and benefits. If you continue tostudy (e.g., for a test) for as long as the marginal benefitsof studying are greater than the marginal costs, and youstop studying when the two are equal, will your actionbe consistent with having maximized the net benefits ofstudying? Explain your answer.Complete the following table and answer the accompanying questions. Control Variable Q Total Benefits B(Q) Total Cost C(Q) Net Benefits Benefits N(Q) Marginal Benefit MB(Q) Marginal Cost MC(Q) Marginal Net Benefit MNB(Q) 100 1,200 950 210 60 101 1,400 70 102 1,590 80 103 1,770 90 104 1,940 100 105 2,100 110 106 2,250 120 107 2,390 130 108 2,520 140 109 2,640 150 110 2,750 160 a. At what level of the control variable are net benefits maximized? b. What is the relation between marginal benefit and marginal cost at this level of the variable? multiple choice Marginal cost is much smaller than marginal benefit. Marginal cost is slightly larger than marginal benefit. Marginal cost is slightly smaller than marginal benefit. Marginal cost is much larger than marginal benefitSuppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Explain the steps your team should take and why.
- Alyssa’s Custom Cakes currently sells 4 birthday, 3 wedding,and 2 specialty cakes each month for $45, $155, and $105each, respectively. The cost of labor is $50 per hour (includ-ing benefits) and it takes 90 minutes to produce a birthdaycake, 240 minutes to produce a wedding cake, and 60 min-utes to produce a specialty cake. Alyssa’s current multifactorproductivity ratio is 1.30.a. Use the multifactor productivity ratio provided to calcu-late the average cost of the cakes produced.b. Calculate Alyssa’s labor productivity ratio in dollars perhour for each type of cake c. Based solely on the labor productivity ratio, which cakeshould Alyssa try to sell the most?d. Based on your answer in part (a), is there a type of cakeAlyssa should stop selling?13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is IvanLecture: Externality - Pigou8. All-Leather is a tanning company located on Lake Michigan in Chicago. Its total cost functionis C(QA) = 125 + 8QA + 5QA2, where QA is leather production per week in thousands of pounds.a) If leather sells for $408 per thousand pounds, how much leather will All-Leather produce?How much profit does All-leather earn?Enjoy is a beverage company located on Lake Michigan near All-Leather in Chicago. Enjoy’sproduction of beverages is negatively affected by water pollution from All-Leather’s productionof leather. Enjoy’s total cost function to produce beverages isC(QE) = 10QE +3QE2 + 3QA2where QE is Enjoy’s weekly production of beverages, in thousandsof gallons and, as above, QA is All-Leather’s weekly production of leather.b) Is this an example of a pecuniary externality or a real externality? Explain.c) What is the extra cost to Enjoy from an additional thousand tons of leather production by AllLeather (i.e., the external marginal cost of an extra unit of QA…
- Please no written by hand and no image SEU ELITE - ECON101 Question 8 The table below shows the marginal benefit that Yahya earns from keeping his store open one more hour. Yahya has a marginal cost of $100 per hour. Yahya stays open 8 hours. Hours {:[" Marginal Benefit Per "],[" Hour "]:} 8 180 9 150 10 140 11 120 12 100 13 80 14 50 a) Do you think Yahya's decision to stay open 8 hours is optimal? Why? b) How many hours do you advise Yahya to stay open? Why?.. Imagine that you are trying to decide whether to cross a street without using the designated crosswalk at the traffic signal. What are the expected marginal benefits of crossing? What are the expected marginal costs? How would the following conditions change your benefit cost equation? The street was busy. The street was empty, and it was 3:00 A.m. you were in a huge hurry. There was a police officer 10 metres away. The closest crosswalk was 1 kilometre away. The closest crosswalk was 5 metres away.Assume that the price per hamburger is $2.50. The incremental value to you of each hamburger is described in the table below. If you are seeking to maximize total net gains from hamburgers, how many hamburgers should you purchase? Pairs of jeans Marginal Benefit 1 $8.00 2 $6.00 3 $4.00 4 $2.00 5 $0.00 Group of answer choices 3 2 4 5 1
- Q.No.1. Differentiate the following by giving at least one practical exampleMacro Economics Vs Micro EconomicsSuppose total benefits and total costs are given by B(Y) = 150Y − 6Y2. Then marginal benefits are options: 150Y - 6. 150 − 12Y. 150 - 3Y. 6Y.Intermediate MicroeconomicsProblem Set 10.Submission options:• in person during lectures or TA sessions;• in Xiaoye Liao’s mail box at 19 West 4th, 6th Floor;• (less recommended) e-mail Xiaoye Liao atxl775@nyu.edu– in that case, be sure to use the subject line: “Submission Problem Set 10â€.Exercise 1Consider a game of rock-scissor-paper. There are two players, player 1 and player 2,and the winner receives $1 from the loser (if they draw, nothing happens). They playthis game simultaneously.1. What kind of game is this? Express this game in normal form.2. What are the set of possible actions and strategies?3. Find all Nash equilibria of this game.Exercise 2Consider a game represented by the following payoff matrix. Find all pure strategyNash equilibria. UMD LCR?10, 0 ?10, ?1 ?10, ?1?8, ?8 0, ?102, ?14, 57, ?101, 1 Exercise 3Consider a game represented by the following…