ECON MACRO
5th Edition
ISBN: 9781337430401
Author: William A. McEachern
Publisher: Cengage Limited
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Question
Chapter 1, Problem 2.3P
To determine
The reason for making charitable contributions when the rational self interest governs the behavior of an individual.
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iv) thanks
How many bags of compost should we use and how many kgs of tomatoes will we produce? Answer
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you can sell your tomatoes for $3/kg. Compost is $10/bag.
Tomatoes Total Benefit Marginal Benefit Total Cost
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DECISION
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2.
Utility from consuming a good is understood by economists to mean;
(a) how often we consume the good.
(b) how much satisfaction or benefit we get from consuming the good.
(c) how much it costs to buy the good.
(d) how we best use the good.
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