This is a schedule of the total benefits and total costs for product "X 2 Quantity Total Benefit 9 1 3. 4 17 22 26 28 29 26 Total Cost 3. 9. 12 15 18 21 Question 4 Use the marginal principle to predict how much X will be consumed 03 04 0 6 O 2 If those benefits and costs are yours, how much would you be willing to pay for a pass that would let you consume all the X you wanted? O $21 O I would not be willing to pay any price. O $29 O $26 O $9 Question 6 If they charge you $12 for an "all you can consume" pass, how many will you consume? O None, as it is not worth paying that price given the benefits. O 5 03 04 6

This is a schedule of the total benefits and total costs for product "X 2 Quantity Total Benefit 9 1 3. 4 17 22 26 28 29 26 Total Cost 3. 9. 12 15 18 21 Question 4 Use the marginal principle to predict how much X will be consumed 03 04 0 6 O 2 If those benefits and costs are yours, how much would you be willing to pay for a pass that would let you consume all the X you wanted? O $21 O I would not be willing to pay any price. O $29 O $26 O $9 Question 6 If they charge you $12 for an "all you can consume" pass, how many will you consume? O None, as it is not worth paying that price given the benefits. O 5 03 04 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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