Stephen and Rebecca both enjoydrinking coffee. The marginalbenefit that each places on thecoffee they drink is given in thefollowing table:Numberof cupsof coffeeFirst cupSecondcupThirdcupMarginal MarginalBenefitBenefitforforRebecca($)10a) $9b) $78FourthcupFifth cup 2c) $5d) $364Stephen($)151296On a recent day on campusRebecca purchased a cup of coffeeand Stephen purchased three cupsof coffee. What price for a cup ofcoffee would be consistent with thisbehaviour?3

Marginal benefit is the maximum amount of money a consumer is willing to pay for an additional good…

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 Benefit for Rebecca ($) 10 a) $9 b) $7 c) $5 d) $3 8 6 Marginal Benefit for 4 Stephen ($) 15 12 Fourth cup Fifth cup 2 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? 9 6 3

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 Benefit for Rebecca ($) 10 a) $9 b) $7 c) $5 d) $3 8 6 Marginal Benefit for 4 Stephen ($) 15 12 Fourth cup Fifth cup 2 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? 9 6 3

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter10: Consumer Choice Theory

Section: Chapter Questions

Problem 9P

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