Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
13th Edition
ISBN: 9781337742375
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 1, Problem 2WNG
To determine
New efficient quantity of reading.
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Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market The
costs Emmanuel faces as he decides how many hours to dedicate to his garden each week.
Emmanuel's Gardening Benefits and Costs
Marginal
Marginal
Benefit
Hours
Total
Benefit
Total Cost
Cost
Spent
Gardening (dollars)
(dollars)
$9 $
(dollars)
(dollars)
$27
2
51
21
3
72
36
4
90
54
5
105
75
117
99
126
126
Instructions: Enter your answers as a whole number.
Complete the "Marginal Benefit" and "Marginal Cost" columns in the table above.
Can you please show the detailed steps involved that took you to the final answers so that I can understand?
1.Suppose the marginal costs (MC) of reading are constant & the marginal benefits (MB) of reading decline (over time). Initially, the MB of Reading are greater than the MC. Draw the MB curve and MC curve of studying, & identify the efficient amount of reading. Then explain why the efficient point is the point at which the net benefits of reading are maximized. ________________________________________________2. Using the diagram you drew in question 1, lower the marginal costs of reading and identify the new efficient amount of reading. Also, identify the additional net benefits derived as a result of the lower marginal cost of reading.
Chapter 1 Solutions
Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
Ch. 1.2 - Prob. 1STCh. 1.2 - Prob. 2STCh. 1.2 - Prob. 3STCh. 1.3 - Prob. 1STCh. 1.3 - Prob. 2STCh. 1.3 - Prob. 3STCh. 1.4 - Prob. 1STCh. 1.4 - Prob. 2STCh. 1.4 - Prob. 3STCh. 1.4 - Prob. 4ST
Ch. 1 - Prob. 1QPCh. 1 - Prob. 2QPCh. 1 - Prob. 3QPCh. 1 - Prob. 4QPCh. 1 - Prob. 5QPCh. 1 - Prob. 6QPCh. 1 - Prob. 7QPCh. 1 - Prob. 8QPCh. 1 - Prob. 9QPCh. 1 - Prob. 10QPCh. 1 - Prob. 11QPCh. 1 - Prob. 12QPCh. 1 - Prob. 13QPCh. 1 - Prob. 14QPCh. 1 - Prob. 15QPCh. 1 - Prob. 16QPCh. 1 - Prob. 17QPCh. 1 - Prob. 18QPCh. 1 - Prob. 19QPCh. 1 - Prob. 20QPCh. 1 - Prob. 21QPCh. 1 - Prob. 22QPCh. 1 - Prob. 23QPCh. 1 - Prob. 24QPCh. 1 - Prob. 25QPCh. 1 - Prob. 26QPCh. 1 - Prob. 1WNGCh. 1 - Prob. 2WNGCh. 1 - Prob. 3WNG
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