Lucinda collects Kewpie dolls, and can afford to buy up to six dolls. The table below describes the marginal benefit Lucinda gets foreach additional doll she adds to her collection.Lucinda's Marginal Benefit of Kewpie DollsMarginalBenefit(dollars)$151413121110KewpieDolls1234564Instructions: Enter your answers as a whole number.a. If the price of Kewpie dolls is $11 per doll, how many dolls would Lucinda buy if she is rational?4 doll(s)b. If the price of Kewpie dolls rose to $12 per doll, how many dolls would Lucinda buy if she is rational?3 doll(s)

Marginal benefit is received when a consumer is willing to pay a maximum amount for an additional…

Lucinda collects Kewpie dolls, and can afford to buy up to six dolls. The table below describes the marginal benefit Lucinda gets for each additional doll she adds to her collection. Lucinda's Marginal Benefit of Kewpie Dolls Marginal Benefit (dollars) $15 14 Kewpie Dolls 2 3 4 5 6 13 12 11 10 3 Instructions: Enter your answers as a whole number. a. If the price of Kewpie dolls is $11 per doll, how many dolls would Lucinda buy if she is rational? 4 doll(s) b. If the price of Kewpie dolls rose to $12 per doll, how many dolls would Lucinda buy if she is rational? 3 doll(s)

Lucinda collects Kewpie dolls, and can afford to buy up to six dolls. The table below describes the marginal benefit Lucinda gets for each additional doll she adds to her collection. Lucinda's Marginal Benefit of Kewpie Dolls Marginal Benefit (dollars) $15 14 Kewpie Dolls 2 3 4 5 6 13 12 11 10 3 Instructions: Enter your answers as a whole number. a. If the price of Kewpie dolls is $11 per doll, how many dolls would Lucinda buy if she is rational? 4 doll(s) b. If the price of Kewpie dolls rose to $12 per doll, how many dolls would Lucinda buy if she is rational? 3 doll(s)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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