1-4  Suppose the price of a sweater is $25. Matthew’s total benefit from purchasing each additional sweater is given in the table below. If Matthew is behaving rationally, how many sweaters will he purchase?   Draw a graph of the total benefit and marginal benefit schedule.?

Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 23AA
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1-4  Suppose the price of a sweater is $25. Matthew’s total benefit from purchasing each additional sweater is given in the table below. If Matthew is behaving rationally, how many sweaters will he purchase?

 

  1. Draw a graph of the total benefit and marginal benefit schedule.?
1st sweater
2nd sweater
3rd sweater
4th sweater
5th sweater
6th sweater
7th sweater
Total benefit
60
105
145
170
192
200
195
Marginal benefit
60
45
40
25
22
8
-5
Transcribed Image Text:1st sweater 2nd sweater 3rd sweater 4th sweater 5th sweater 6th sweater 7th sweater Total benefit 60 105 145 170 192 200 195 Marginal benefit 60 45 40 25 22 8 -5
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