Consider Ron’s demand for after school care for his children. The marginal benefit Ron receives for every hour of child care is provided in the accompanying table. Using the Rational Rule for Buyers, if an hour of child care costs $24, how many hours would Ron purchase each day? What about for $18 per hour? Draw Ron’s marginal benefit curve and his demand curve.Hours of after school child careMarginal benefit (per hour)1$322$303$204$14

Marginal benefit refers to the additional satisfaction or utility that a consumer derives from…

Answered: Consider Ron’s demand for after school…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider Ron’s demand for after school care for his children. The marginal benefit Ron receives for every hour of child care is provided in the accompanying table. Using the Rational Rule for Buyers, if an hour of child care costs $24, how many hours would Ron purchase each day? What about for $18 per hour? Draw Ron’s marginal benefit curve and his demand curve.

Hours of after school child care Marginal benefit (per hour)

1 $32

2 $30

3 $20

4 $14

Hours of after school child care	Marginal benefit (per hour)
1	$32
2	$30
3	$20
4	$14

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