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- The table shows the marginal benefit of pizza and the marginal cost of pizza in terms of soda forgone. How many pizzas are produced when the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza? ... If pizzas are produced, the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza. OA. 100 OB. less than 100 OC. more than 100 OD. any quantity other than 100 Quantity (pizzas per day) 50 100 150 200 250 Marginal benefit Marginal cost (cans of soda per pizza) 32 7 3 2 1 67249 32 44 52assume that you happen to see a ripe mango fallen from a tree lying along a public roadside. if you pick it up and consume, you can enjoy some satisfaction. how many factors of production are involved in this process of satisfying your want? explain you answer.Katie loves swimming. Every afternoon, she visits the local swimming pool for a swim. The entry cost to the pool costs Katie $10 but she can swim for as long as she wants. Once she has entered the pool and paid the fee, Katie wonders how many hours should she spend swimming if she were to think like an economist. She expects to gain an incremental benefit of $21 from the first hour of swimming, then gains subsequent incremental benefits of $17 from the second, $11 from the third and $4 from the fourth. For every hour spent swimming, it will cost Katie $6 as she could have spent the time doing her homework. In determining how many hours Katie should be swimming, the $10 entry fee to the pool is a/an Type A for Average cost, M for Marginal cost, S for Sunk cost or O for Opportunity cost. Using marginal analysis, what is the optimal amount of hours Katie should spend swimming? The maximum surplus for Katie, from spending the number of hours you found in part b, is $ Answer to the nearest…
- Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain.Describe the benefit-cost ratio?Can you please explain how to calculate Total Cost, Total Benefit, and Net Benefit from looking at a table? Also, can you explain what those three things and their calculations mean in words? Heres an example of the table I was talking about above: # of items Marginal benefit Marginal cost Total benefit Total cost Net benefit
- Stephen and Rebecca both enjoy drinking coffee. The marginal benefit that each places on the coffee they drink is given in the following table: Number of cups of coffee First cup Second cup Third cup Marginal Marginal Benefit Benefit for for Rebecca ($) 10 a) $9 b) $7 8 Fourth cup Fifth cup 2 c) $5 d) $3 6 4 Stephen ($) 15 12 9 6 On a recent day on campus Rebecca purchased a cup of coffee and Stephen purchased three cups of coffee. What price for a cup of coffee would be consistent with this behaviour? 3Why do marginal costs tend to rise, and marginal benefits tend to fallCarefully define the following terms and explain their importance to the study of economics. A. Opportunity cost B. scarcity
