MICROECONIMICS
MICROECONIMICS
5th Edition
ISBN: 9781319372101
Author: KRUGMAN
Publisher: MAC HIGHER
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Chapter 12, Problem 9P
To determine

  • The interpretations of the “marginal benefit” and the “marginal cost” and to calculate the marginal benefit and marginal cost for each 10% increase in the rate of inoculation.
  • The proportion of the population that should optimally be inoculated
  • The interpretation of “profit” and to calculate the profit for all levels of inoculation.
  • Concept Introduction:

    Marginal benefit - It is the satisfaction or benefit that a person receives from consuming an extra unit of goods or services.

    Marginal Cost - It is the pain or payment that a person gets after consuming an extra unit of goods or services.

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