Use the graph to answer these questions:  a. What is the least the market will accept for 1? b. What is the marginal benefit of the 6th unit? c. What is the marginal cost of the 2nd unit?

Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
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Use the graph to answer these questions: 
a. What is the least the market will accept for 1?
b. What is the marginal benefit of the 6th unit?
c. What is the marginal cost of the 2nd unit?

Demand and Supply
Price $10
$9
- Quantity
Demanded
$8
$7
Quantity
Supplied
$6
$5
$4
$3
$2
$1
$0
0 1
2 3 4 5 6 78 9 10
Quantity
LO
Transcribed Image Text:Demand and Supply Price $10 $9 - Quantity Demanded $8 $7 Quantity Supplied $6 $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 78 9 10 Quantity LO
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