1. Suppose that the Total Benefit schedule to conduct Activities X and Y is given in the table below. Suppose the price of X = 2.00 and Y = 2.00 and budget allocation for these activities is 20 and this amount will all be spent for X and Y a. What is the combination of activities X and Y that represents the optimum level? b. What is Total Benefit at optimal level of these activities? QTY Total Benefit of X Total Benefit of Y 1 16 15

1. Suppose that the Total Benefit schedule to conduct Activities X and Y is given in the table below. Suppose the price of X = 2.00 and Y = 2.00 and budget allocation for these activities is 20 and this amount will all be spent for X and Y a. What is the combination of activities X and Y that represents the optimum level? b. What is Total Benefit at optimal level of these activities? QTY Total Benefit of X Total Benefit of Y 1 16 15

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7 Total net benefits of an activity are maximised at the level when the marginal benefit (MB) of the activity is greater than the marginal cost (MC) of the activity. true or false
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