P32 $39 $42 $37 $42 4 1 First calculate Caleb's marginal costs and benefits. Caleb will stop at the 4th unit because after that the MC is higher than the MB. It could be lower later but we don't have enough information. He won't stop at the first unit as he can do better by increasing his consumption from 2 to 3 and then to 4. We can see this by checking total benefits - total cost>0 at the 4th unit.

P32 $39 $42 $37 $42 4 1 First calculate Caleb's marginal costs and benefits. Caleb will stop at the 4th unit because after that the MC is higher than the MB. It could be lower later but we don't have enough information. He won't stop at the first unit as he can do better by increasing his consumption from 2 to 3 and then to 4. We can see this by checking total benefits - total cost>0 at the 4th unit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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