Choose the statement or statements that are correct. 1. The value of one more unit of a good or service is its marginal benefit. II. Marginal benefit equals the total amount we spend on a good or service. III. Marginal benefit is the maximum amount willingly paid for another unit of a good or service. OA. I only OB. II only OC. Ill only OD. I and III QE. I, II, and III

Choose the statement or statements that are correct. 1. The value of one more unit of a good or service is its marginal benefit. II. Marginal benefit equals the total amount we spend on a good or service. III. Marginal benefit is the maximum amount willingly paid for another unit of a good or service. OA. I only OB. II only OC. Ill only OD. I and III QE. I, II, and III

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 9RQ: Explain why individuals make Choices that are directly on the budget constraint, rather than inside...

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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 $21
Using marginal thinking, if you were deciding whether to purchase a second television set, you would compare Select one: a. the additional benefits of the second television with the cost of the second television. O b. the dollar cost of the two televisions with the time you will lose watching the two televisions. C. the total benefits expected from the two televisions with the cost of both televisions. O d. the additional benefits expected from a second television with the cost of the two televisions. O e. the dollar cost of the second television with the dollar cost of the first television.
I need this fully broken down for me Like How we get B(y) and C(y) to turn into Marginal Benefit (MB) and Marginal Cost (MC) and so on and so fourth. Typed plzzzz And Asap
15. Consurmer sumlus is: 2. The quantity of a good consumers get but did not have to pay for b. the amount a consumer has to pay less the amount the consume: was willing to pay O e amount the coORJIMa waswillingay leid ho'amouns thconsumer paid d. the total value of a good to a consum
The table shows Yucatan's preferences. The marginal cost of producing a gallon of sunscreen is 4 pounds of food per month. Sunscreen (gallons per month) 10 25 40 and and and Willingness to pay (pounds of food per gallon) 6 4 2 the good. The marginal benefit from a good is the A. opportunity cost of producing B. benefit received from consuming one more unit of Draw three points. Plot the marginal benefit when the quantity of sunscreen is 10, 25, and 40 gallons. Draw the marginal benefit curve. Label it MB. When Yucatan achieves allocative efficiency, marginal benefit equals pounds of food per month. C 7.0- 6.0-6.0 5.0- 4.0-4.0 3.0- Willingness to pay (pounds of food per gallon) 2.0-2.0 1.0- 0.04 0 10 10 $25 20 MB $40 30 Sunscreen (gallons per month) >>> Draw only the objects specified in the question. 40 Ⓡ Q 50
The total benefit for burgers and beers is given below. Burgers cost $20 and beers cost $40. Total Benefit (Beers) 40 60 70 75 Quantity 1 2 3 4 Total Benefit (Burgers) 20 35 50 65 The marginal benefit of the third beer is. The marginal benefit per dollar of the second burger is $ (Round your answer to two decimal places) Which of the following is true regarding an extra dollar spent on the second burger? OA. It gives the same benefit as an extra dollar spent on the second beer. OB. It gives more benefit than an extra dollar spent on the second beer. OC. It gives less benefit than an extra dollar spent on the second beer.
Value as Marginal Benefit of Successive Items of Five Alternative Goods Produced and Consumed Every successive item in each category is produced at constant, identical unit-cost Quantity Lasagna Vaccinations. Math Courses: Energy Drinks 1 $10 9 2 3 4 5 6 8 7 6 5 I $9 8 Cost-Benefit for Right Goods 6 5 4 $8 7 Arthur would gain by forfeiting one unit of in order to fund one more unit of 6 5 4 3 $7 6 5 4 3 2 Trips to Brussels $6 5 4 3 2 1 8. The marginal benefit magnitudes above constitute the value or maximum-willing-to-pay for each successive unit of each kind of good. It reflects the valuations of representative citizen, Arthur. Arthur currently procures and enjoys one lasagna, one math course, three energy drinks, and two trips to Brussels, as underlined and bolded. lle
. What is the benefit of something measured by what you are willing to give up?
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The table shows the Gabrielle's total staty from manicures What is Cat's total unity when she boys 4 manicures? What is the marginal unity she receives from her fourth manicure? When Gabriele buys 4 manicures, the totalutty that she receives units Gabrieles marginal uity from the fourth manicure is units Marginality OA increases a more of a good is consumed OB has no relationship oluy Oc the chance in total usey that results from Manicures (per 0 1 2 4 5 Total uality 8 50 90 122 150 176