(Table: Customer Valuations for Lawn Services I) The table shows customer valuations for different lawn services.Consumer Valuations per SeasonConsumerBenEthanLawn Cutting$ 8001,000Fertilizing$400250Bundle$1,2001.250The marginal cost of lawn cutting is $400, and the marginal cost of fertilizing is $200.Suppose the lawn service prices its services separately. In this case, the company should charge $for fertilizing.250800600400

For fertilizing, we see that Ben values it at $400 and Ethan at $250. If the company sets the price…

Answered: (Table: Customer Valuations for Lawn…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 22RQ: What are diminishing marginal returns as they relate to costs?

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