Question 2 Your marginal benefit from eating hotdogs is shown in the table below: # Hotdogs...
Question 2
Your marginal benefit from eating hotdogs is shown in the table below:
|
# Hotdogs |
Marginal Benefit (MB) |
|
0 |
0 |
|
1 |
7 |
|
2 |
4 |
|
3 |
2 |
|
4 |
1 |
(i) If the price of a hotdog is $3 how many should you buy? (2 marks)
(ii) Provide a justification for your choice of the number of hotdogs to consume. (3 marks)
Question 3
The number of toys produced per day are shown in the table below:
|
Workers |
Toys produced |
|
1 |
48 |
|
2 |
88 |
|
3 |
112 |
|
4 |
168 |
|
5 |
176 |
|
6 |
192 |
|
7 |
224 |
|
8 |
216 |
|
9 |
224 |
|
10 |
208 |
(i) What is the marginal product of the 5th worker? the 9th worker? (2 marks)
(ii) What is the maximum number of toys that should be produced? (2 marks) What is the maximum number of workers that should be employed? (2 marks) Explain. (2 marks)
Homework Answers
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Question 2
Your marginal benefit from eating hotdogs is shown in the table
below:
# Hotdogs...
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