Consider again Steve:Steve collects old synthesizers. One he bought a few years back for $3000 he's decided to sell.Over the time he owned it, Steve did $250 in repairs and renovations.In preparing to sell the synthesizer, he's told by a source he considers 100% reliable that he couldsell it for $3250 as it currently is. If, however, he is willing to pay $400 for some additionalcosmetic repairs, he's told he could definitely get $3800 instead.Steverepair the synth before selling because marginal cost isthan marginalbenefit.O should not; greaterO should; lessO should not; lessO should; greaterMacBook Air吕口F3F4F5F6F7F82$&489.RY6

Marginal cost is the addition to total cost by employing an additional input and marginal revenue is…

Answered: Steve repair the synth before selling…

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.6P

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Suppose that you are trying to make a decision regarding the purchase of a new machine for the plant that you are working on. You have three criteria to consider. First of all, in these hard times, the price of the machine is very important for you. On the other hand, the throughput rate is also very important for you since you are anticipating higher demand in the future and you should have enough production to satisfy the customer demand. Finally, energy consumption is an issue that your company is sensitive to not only for the cost issues but also green production seems to be very important particularly for your customers. You have decided to adopt the additive utility function for the overall utility from these three criteria. Thus, the next thing for you is to determine the relative weights of the criteria. Suppose you used Swing Weighting and obtained the following table as the result of the process. What is the weight of the price?
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Steve repair the synth before selling because marginal cost is than marginal benefit. O should not; greater O should; less O should not; less O should; greater