Use the figure below to answer the following questions. Price (dollars per uni 25 20 15 10 S 0 50 100 150 200 250 Quantity (unit) Refer to Figure 5.3.1. If the quantity produced is 100, Figure 5.3.1 Select one: OA. marginal social cost exceeds marginal social benefit. OB. deadweight loss is zero. OC. marginal social benefit is minimized. OD. marginal social benefit exceeds marginal social cost. O E. production is efficient.

Use the figure below to answer the following questions. Price (dollars per uni 25 20 15 10 S 0 50 100 150 200 250 Quantity (unit) Refer to Figure 5.3.1. If the quantity produced is 100, Figure 5.3.1 Select one: OA. marginal social cost exceeds marginal social benefit. OB. deadweight loss is zero. OC. marginal social benefit is minimized. OD. marginal social benefit exceeds marginal social cost. O E. production is efficient.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Quantity Total Benefit 0 1 2 3 4 5 6 7 8 0 100 190 270 340 400 450 490 520 Marginal Benefit --- 100 90 80 70 60 50 40 30 What quantity will maximize total net benefits? What is the marginal benefit at the optimal quantity? What is the marginal cost at the optimal quantity? What is the total net benefit at the optimal quantity? Total Cost 15 30 55 90 135 190 255 330 415 î ♥ Marginal Cost --- 15 25 35 45 55 65 75 85 Total Net Benefit -15 70 135 180 205 210 195 160 105 Marginal Net Benefit --- 85 65 45 25 5 -15 -35 -55
O a. -520 O'b.-600 OC. -560 O d.-480 QUESTION 25 Tim loves to collect Lego architecture sets. Suppose that Tim's willingness to pay for different Lego sets is given below: Set Willingness.to Pay Sears Tower 40 Hancock Center 70 Fallingwater 100 Shanghai 80 Robie House 80 Suppose that Tim can purchase a lego bundle with all 5 sets for the price of $200, what is his CS from the bundle? a. 150 O b. 130 O c. 170 O d. 200 OUESTION 26
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