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
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
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
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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 |
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