shows Emmanuel enjoys growing zucchini in his garden and then selling his produce at the local farmers Market. The table Below SHOWS HIS marginal benefit and marginal cost for each hour he spends in his garden per week. Emmanuel's Marginal Benefit and Marginal Cost of Gardening Hours Spent Gardening Marginal Benefit (dollars) $33 30 27 24 21 1 3 2 3 4 5 6 7 18 15 Marginal Cost (dollars) $15 FUN 18 21 24 27 30 33 a. Given the information above, what is Emmanuel's optimal amount of time spent gardening each week? 03 hours O 5 hours 02 hours O4 hours b. If Emmanuel were to spend 1 hour each week gardening: O the marginal benefit would equal the marginal cost. O the marginal benefit would exceed the marginal cost by $18. O the marginal benefit would exceed the marginal cost by $24. O the marginal cost would exceed the marginal benefit by $18. c. If Emmanuel were to spend 6 hours each week gardening: O the marginal benefit would exceed the marginal cost by $24. O the marginal benefit would equal the marginal cost. O the marginal benefit would exceed the marginal cost by $12. O the marginal cost would exceed the marginal benefit by $12.

shows Emmanuel enjoys growing zucchini in his garden and then selling his produce at the local farmers Market. The table Below SHOWS HIS marginal benefit and marginal cost for each hour he spends in his garden per week. Emmanuel's Marginal Benefit and Marginal Cost of Gardening Hours Spent Gardening Marginal Benefit (dollars) $33 30 27 24 21 1 3 2 3 4 5 6 7 18 15 Marginal Cost (dollars) $15 FUN 18 21 24 27 30 33 a. Given the information above, what is Emmanuel's optimal amount of time spent gardening each week? 03 hours O 5 hours 02 hours O4 hours b. If Emmanuel were to spend 1 hour each week gardening: O the marginal benefit would equal the marginal cost. O the marginal benefit would exceed the marginal cost by $18. O the marginal benefit would exceed the marginal cost by $24. O the marginal cost would exceed the marginal benefit by $18. c. If Emmanuel were to spend 6 hours each week gardening: O the marginal benefit would exceed the marginal cost by $24. O the marginal benefit would equal the marginal cost. O the marginal benefit would exceed the marginal cost by $12. O the marginal cost would exceed the marginal benefit by $12.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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