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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Using the diagram you drew in question 1, lower the marginal costs of reading and identify the new efficient amount of reading. Also, identify the additional net benefits derived as a result of the lower marginal cost of reading.

To determine

New efficient quantity of reading.

Explanation

Figure 1 shows the new efficient quantity of reading.

In Figure 1, the vertical axis measures marginal cost and marginal benefit and horizontal axis measures quantity which is time spend for reading. The MC curve is the marginal cost curve and MB curve is the marginal benefit curve. With the lower cost of reading, the MC is reduced...

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