Homework Answers
Marginal benefit of watching the 3rd game = Total benefit of watching 3 games - Total benefit of watching 2 games
= 125 - 120 = 5
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Suppose the total benefit of watching 1 basebail game is 100 the total benefit of watching...
Suppose the total benefit & total cost from a continuous activity are given by the two...
Suppose the total benefit & total cost from a continuous activity are given by the two equations 1) B(X) = 100 + 36X - 4X^2 And 2) C(X) = 80 + 12X A) What are the net benefits when X =1? x=5? B) What are the marginal net benefits when X= 1? X=5? C) What level of X maximizes net benefit? D) At the value of X that maxes net benefits, what is the value of marginal net benefits?...
A TOTAL BENEFIT TOTAL COST MARGINAL BENEFIT MARGINAL COST NET BENEFIT...
A TOTAL BENEFIT TOTAL COST MARGINAL BENEFIT MARGINAL COST NET BENEFIT 0 0 _____ XX XX 0 1 _____ _____ 100 _____ 80 2 _____ 50 90 _____ _____ 3 250 _____ _____ 40 _____ 4 _____ _____ _____ 60 150 5 340 220 _____ _____ _____ What is marginal benefit for the 4th unit of the activity? The optimal level of activity is: What is the net benefit of the 5th unit of the...
Please show work 1) Danny LOVES watching his Warriors & Sharks play, but watching 82 games...
Please show work
1) Danny LOVES watching his Warriors & Sharks play, but watching 82 games x 2 teams can take away a lot of his free time! Suppose he is interested in whether Warriors or Sharks games are longer, so he takes a random sample of each team's games and records the games lengths. Conduct a test at the 5% level to determine if the average length of a Warriors game is different from that of a Sharks game....
Assume Linda wishes to maximize her net benefit. Her total benefit and total cost schedule for...
Assume Linda wishes to maximize her net benefit. Her total benefit and total cost schedule for tutoring is given below. (1) Given this schedule, what is the marginal benefit and marginal cost for the addition of the 1st hour of tutoring? (2) Should Linda choose to tutor the 1st hour? Explain why or why not. (3) Is this Linda's efficient allocation of resource? Explain why or why not. Quantity Total Benefit Total Cost (Hours per day) 90 100
Suppose that you’re watching the World Series. At the beginning of the Series, you believe that...
Suppose that you’re watching the World Series. At the beginning of the Series, you believe that the Cubs are a better team than the Indians…. (Sorry, I must pause here. As an Indians’ fan, it hurts to write that.) Anyways, you believe that the probability that the Cubs will beat the Indians in a single game is at least 0.50. You decide to reject this hypothesis if the Cubs fail to win more than 2 games in the World Series....
Question 2: Working with Marginal Benefits and Costs Suppose the total benefit derived from a continuous...
Question 2: Working with Marginal Benefits and Costs Suppose the total benefit derived from a continuous decisions, Q, ís B(Q) = 200-202 and the total cost from deciding Q is C(O) 4+2Q. The marginal benefit (MB) and marginal cost (MC) is the first order derivative of these functions. MBO) 20-4 and MC(O) 4+40 (1) (4 points, 2 each) What is the total benefit when Q-2? Q-10? (2) (4 points, 2 each) What is the marginal benefit when Q-2? Q-10? (3)...
Question 2: Working with Marginal Benefits and Costs Suppose the total benefit derived from a continuous...
Question 2: Working with Marginal Benefits and Costs Suppose the total benefit derived from a continuous decisions, Q, is B() 200-202 and the total cost from deciding Q is C(Q)-4Q +20. The marginal benefit (MB) and marginal cost (MC) is the first order derivative of these functions. MB)2040 and MC() 4 +40 (1) (4 points, 2 each) What is the total benefit when Q-2? Q-10? (2) (4 points, 2 each) What is the marginal benefit when Q-2? Q 10? (3)...
Suppose the total benefit derived from a continuous decisions, Q, is B(Q) = 20Q − 2Q...
Suppose the total benefit derived from a continuous decisions, Q, is B(Q) = 20Q − 2Q and the 2 total cost from deciding Q is C(Q) = 4Q + 2Q . The marginal benefit (MB) and marginal cost (MC) 2 is the first order derivative of these functions. MB(Q) = 20 − 4Q and MC(Q) = 4 + 4Q . (1) (4 points, 2 each) What is the total benefit when Q=2? Q=10? (2) (4 points, 2 each) What is...
- NAME TION PRINT LAST NAME, FIRST NAME e. 25 points per game. Win 7. Suppose through 10 games Dirk Nowitzki scored, o...
- NAME TION PRINT LAST NAME, FIRST NAME e. 25 points per game. Win 7. Suppose through 10 games Dirk Nowitzki scored, on averag his 11th game he scored 21 points, we know that his: marginal score is greater than his average score, and his marginal score is greater than his average score, and his marginal score is less than his average score, and his seas marginal score is less than his average score, and his se and his season...
2) If someone tells you that they prefer watching the 49ers to watching the Sharks, ro...
2) If someone tells you that they prefer watching the 49ers to watching the Sharks, ro prefer watching the Sharks to watching the Warriors, and prefer watching the Warriors to watching the 49ers, what basic assumption of economics are they violating? 3) Suppose demand in the market for oranges is characterized by the demand equation QD 25-0.25P. a) What is the marginal revenue of the 5th orange produced? b) What is the marginal revenue of the 10th orange produced?
Please show work
1) Danny LOVES watching his Warriors & Sharks play, but watching 82 games x 2 teams can take away a lot of his free time! Suppose he is interested in whether Warriors or Sharks games are longer, so he takes a random sample of each team's games and records the games lengths. Conduct a test at the 5% level to determine if the average length of a Warriors game is different from that of a Sharks game....
Assume Linda wishes to maximize her net benefit. Her total benefit and total cost schedule for tutoring is given below. (1) Given this schedule, what is the marginal benefit and marginal cost for the addition of the 1st hour of tutoring? (2) Should Linda choose to tutor the 1st hour? Explain why or why not. (3) Is this Linda's efficient allocation of resource? Explain why or why not. Quantity Total Benefit Total Cost (Hours per day) 90 100
Question 2: Working with Marginal Benefits and Costs Suppose the total benefit derived from a continuous decisions, Q, ís B(Q) = 200-202 and the total cost from deciding Q is C(O) 4+2Q. The marginal benefit (MB) and marginal cost (MC) is the first order derivative of these functions. MBO) 20-4 and MC(O) 4+40 (1) (4 points, 2 each) What is the total benefit when Q-2? Q-10? (2) (4 points, 2 each) What is the marginal benefit when Q-2? Q-10? (3)...
Question 2: Working with Marginal Benefits and Costs Suppose the total benefit derived from a continuous decisions, Q, is B() 200-202 and the total cost from deciding Q is C(Q)-4Q +20. The marginal benefit (MB) and marginal cost (MC) is the first order derivative of these functions. MB)2040 and MC() 4 +40 (1) (4 points, 2 each) What is the total benefit when Q-2? Q-10? (2) (4 points, 2 each) What is the marginal benefit when Q-2? Q 10? (3)...
- NAME TION PRINT LAST NAME, FIRST NAME e. 25 points per game. Win 7. Suppose through 10 games Dirk Nowitzki scored, on averag his 11th game he scored 21 points, we know that his: marginal score is greater than his average score, and his marginal score is greater than his average score, and his marginal score is less than his average score, and his seas marginal score is less than his average score, and his se and his season...
2) If someone tells you that they prefer watching the 49ers to watching the Sharks, ro prefer watching the Sharks to watching the Warriors, and prefer watching the Warriors to watching the 49ers, what basic assumption of economics are they violating? 3) Suppose demand in the market for oranges is characterized by the demand equation QD 25-0.25P. a) What is the marginal revenue of the 5th orange produced? b) What is the marginal revenue of the 10th orange produced?
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