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- Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $21How 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 32 361 As a principal trying to determine whether to spend $20 per student for access to an online textbook program, all I need to know is whether the marginal benefit for each student is greater than $20. Explain.
- Sketch the following budget constraints: PX PY Income A RO 50 100 RO 5000 B 100 150 5000 C 50 200 2000 D 20 8 800Each school-week night John can play video games, talk on the phone, or watch a movie. He has a total of five hours tospend on one of these three things.Using the information, fill out the marginal benefit columns below. QUANTITY TOTAL BENEFIT MARGINAL BENEFIT TOTAL BENEFIT MARGINAL BENEFIT TOTAL BENEFIT MARGINAL BENEFIT O 0 0 0 1 20 5 3 2 22 10 6 3 23 12 9 4 23 14 12 5 23 15 1513. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is Ivan
- Chloe's Demand Schedule Price ($/gallon) Quantity Demanded (gallons/year) $6 50 5 100 4 150 3 200 2 250 1 300 Chloe's willingness to pay for her 51st gallon of gasoline is....and her willingness to pay for her 301st gallon of gasoline is.... (Enter your response to the nearest penny.) This is an example ofwhich? diminishing marginal benefit decreasing total benefit decreasing demand . If you drew Chloe's demand curve, using the demand schedule above, what would you notice about Chloe's marginal benefit curve and the demand curve? The two curves would be unrelated the same .Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table below describes the benefits and costs Emmanuel faces as he decides how many hours to dedicate to his garden each week. a. Complete the "Marginal Benefit" and "Marginal Cost" columns in the table below. Emmanuel's Gardening Benefits and Costs Hours Spent Gardening Total Benefit (dollars) Marginal Benefit (dollars) Total Cost (dollars) Marginal Cost (dollars) 1 $21 $ $3 $ 2 39 9 3 54 18 4 66 30 5 75 45 6 81 63 7 84 84Please 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?
- 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 benefit9) . The local farmer's market offers 1 bag of cilantro for $6 or 2 bags for $10. What's the marginal cost of the second bag?Explain the efficiency condition for Public Goods. Also draw the graph and interpret the graph.
