Marginal Cost & Benefit for Optimal Number of Hours Questions Discussion attached picture of the questions. One picture is missing I cant upload more than

Marginal Cost & Benefit for Optimal Number of Hours Questions Discussion attached picture of the questions. One picture is missing I cant upload more than 5 files, I will send it later 09:52
68%
Homework 1
10:56:52
Hours
Spent
Studying
Total
Benefit
Marginal
Benefit
Total
Cost
Marginal
Cost
0
0
0
1
10
10
0
0
N
16
6
3
3
3
20
4
8
5
4
20
0
15
7
a) If you study in an optimal way, how many more points
will you earn on the test?
b) Explain how you can find the optimal number of hours by
using the marginal benefits and marginal costs columns.
A). I’ll earn 10 more points on the test if I study in an
optimal way.
B).
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Question 2
Chapter 2
Suppose the following table shows the relationship
between revenue that the Girl Scouts earn and the number
of cookie boxes that they sell.
Number of cookie
boxes
Revenue ($)
50
200
150
600
250
1,000
350
1,400
450
1,800
550
2,200
a) Present the data in a scatter plot.
b) Do the two variables have a positive relationship or do
they have a negative relationship? Explain.
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of cookie boxes that they sell.
Number of cookie
boxes
Revenue ($)
50
200
150
600
250
1,000
350
1,400
450
1,800
550
2,200
a) Present the data in a scatter plot.
b) Do the two variables have a positive relationship or do
they have a negative relationship? Explain.
c) What is the slope of the line that you get in the scatter
plot? What does the slope imply about the price of a box of
Girl Scout cookies?
Enter Answer
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Homework 1
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Question 1
Chapter 1
It is the night before your economics final exam and you
must decide how many hours to study. The total benefits
column shows how many more points you expect to earn
because of increased knowledge. The cost column shows
how many points you will lose because of careless errors
due to lack of sleep. (The “marginal” columns show the
effect of each additional hour spent studying. These
marginal numbers are calculated by taking the difference
within a column from one row to the next row.)
Hours
Spent
Studying
Total
Benefit
Marginal
Benefit
Total
Cost
Marginal
Cost
0
0
0
1
10
10
0
0
N
16
6
3
3
3
20
4
8
5
4
20
0
15
7
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Question 3
Σ >
Chapter 3
Suppose the total benefit and total cost to society of
various levels of pollution reduction are as follows:
(1)
(2)
(3)
(4)
(5)
Pollution
Reduction
Total
Benefit
Total Cost
Total Net
Benefit
Marginal
Benefit
0
0
0
1
20
9
2
38
20
3
54
33
4
68
48
5
80
65
6
90
84

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