Stephen and Rebecca both enjoy drinking coffee. The marginal benefit that each places on the coffee they drink is given in the following table: Number of cups of coffee First cup Second cup Third cup Marginal Benefit for Rebecca ($) 10 a) $9 b) $7 c) $5 d) $3 8 6 Marginal Benefit for 4 Stephen ($) 15 12 Fourth cup Fifth cup 2 On a recent day on campus Rebecca purchased a cup of coffee and Stephen purchased three cups of coffee. What price for a cup of coffee would be consistent with this behaviour? 9 6 3
Stephen and Rebecca both enjoy drinking coffee. The marginal benefit that each places on the coffee they drink is given in the following table: Number of cups of coffee First cup Second cup Third cup Marginal Benefit for Rebecca ($) 10 a) $9 b) $7 c) $5 d) $3 8 6 Marginal Benefit for 4 Stephen ($) 15 12 Fourth cup Fifth cup 2 On a recent day on campus Rebecca purchased a cup of coffee and Stephen purchased three cups of coffee. What price for a cup of coffee would be consistent with this behaviour? 9 6 3
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 9P
Related questions
Question
![Stephen and Rebecca both enjoy
drinking coffee. The marginal
benefit that each places on the
coffee they drink is given in the
following table:
Number
of cups
of coffee
First cup
Second
cup
Third
cup
Marginal Marginal
Benefit
Benefit
for
for
Rebecca
($)
10
a) $9
b) $7
8
Fourth
cup
Fifth cup 2
c) $5
d) $3
6
4
Stephen
($)
15
12
9
6
On a recent day on campus
Rebecca purchased a cup of coffee
and Stephen purchased three cups
of coffee. What price for a cup of
coffee would be consistent with this
behaviour?
3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F841d6756-f6a8-4e06-b1de-aa440ba90b8c%2F12550e77-b2fb-4976-8e22-a1b83cad261f%2Fru6uovd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Stephen and Rebecca both enjoy
drinking coffee. The marginal
benefit that each places on the
coffee they drink is given in the
following table:
Number
of cups
of coffee
First cup
Second
cup
Third
cup
Marginal Marginal
Benefit
Benefit
for
for
Rebecca
($)
10
a) $9
b) $7
8
Fourth
cup
Fifth cup 2
c) $5
d) $3
6
4
Stephen
($)
15
12
9
6
On a recent day on campus
Rebecca purchased a cup of coffee
and Stephen purchased three cups
of coffee. What price for a cup of
coffee would be consistent with this
behaviour?
3
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