To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.30 per pound. By adding compost to your garden, you can increase your yield as shown in the accompanying table. Instructions: Determine the number of additional pounds of tomatoes you are able to grow by using each additional pound of compost. Then compute the additional revenue (or marginal benefit) from each additional pound of compost. Enter your responses in the table below, rounding the marginal benefit of each pound of compost to the nearest penny (two decimal places). Additional Additional revenue (or marginal benefit) Pounds of Pounds of pounds of compost tomatoes tomatoes 100.0 1 120.0 $ 2 125.0 $ 3 128.0 $ 4 130.0 $ 131.0 $ 6 131.5 $ If compost costs $0.50 per pound and your goal is to make as much profit as possible, how many pounds of compost should you add Instructions: Enter your answer as a whole number. You should add pounds of compost.

To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.30 per pound. By adding compost to your garden, you can increase your yield as shown in the accompanying table. Instructions: Determine the number of additional pounds of tomatoes you are able to grow by using each additional pound of compost. Then compute the additional revenue (or marginal benefit) from each additional pound of compost. Enter your responses in the table below, rounding the marginal benefit of each pound of compost to the nearest penny (two decimal places). Additional Additional revenue (or marginal benefit) Pounds of Pounds of pounds of compost tomatoes tomatoes 100.0 1 120.0 $ 2 125.0 $ 3 128.0 $ 4 130.0 $ 131.0 $ 6 131.5 $ If compost costs $0.50 per pound and your goal is to make as much profit as possible, how many pounds of compost should you add Instructions: Enter your answer as a whole number. You should add pounds of compost.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 1WNG

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When households plant trees in their front yards they reduce pollution and air conditioning costs for both themselves and their neighbors. Will households plant the efficient number of trees? Explain why or not and draw a graph to show your point. The graph should be clearly labeled.
1. Working with Numbers and Graphs Q1 Suppose the marginal costs of reading are constant at $5 per hour, while the marginal benefits of reading decline (over time) as more reading is performed. In particular, suppose the following table contains the marginal benefit associated with various levels of hours spent reading. Time Spent Reading Marginal Benefits (Hours) (Dollars per hour) 8 3 12 Assume the marginal-benefit curve is a straight line through the two points described in the table. MARGINAL COST, MARGINAL BENEFIT ($ per hour of reading per week) On the following graph, use the blue points (circle symbol) to plot the marginal-benefit curve for reading. Next, use the orange points (square symbol) to plot the marginal-cost curve for reading. Finally, use the black point (plus symbol) to indicate the point corresponding to the efficient amount of reading (that is, the point at which the net benefits of reading are maximized). 00 32 N 0 2 3 + 6 9 12 15 18 21 READING (Hours per week)…
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