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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

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

Studying has both costs and benefits. If you continue to study (e.g., for a test) for as long as the marginal benefits of studying are greater than the marginal costs, and you stop studying when the two are equal, will your action be consistent with having maximized the net benefits of studying? Explain your answer.

To determine

Maximizing net benefits.

Explanation

Assume that the following data in the table is the marginal benefit and marginal cost of studying.

Table 1

HourMarginal benefit ($)Marginal cost ($)
1st$20.00$10.00
2nd$14.00$11.00
3rd$13.00$12.00
4th$12.00$12.00
5th$11.00$13...

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