Asked by Tiana Hailey on Jul 11, 2024
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(Figure: The Optimal Quantity) Use Figure: The Optimal Quantity.If the marginal benefit of lawn mowing increased,the marginal _____ curve in the figure would shift to the _____ and the optimal quantity would be _____ than five lawns mowed.
A) benefit;right;more
B) cost;right;fewer
C) benefit;left;fewer
D) cost;left;more
Marginal Benefit
The supplementary value obtained from the consumption of an extra unit of a good or service.
Optimal Quantity
The ideal amount of a good or service that maximizes efficiency or utility, taking into account costs and benefits.
Marginal Curve
Refers to graphs like the marginal cost curve or marginal revenue curve, which show how the cost or revenue changes with an additional unit of output.
- Analyze the impact of changes in marginal benefit and marginal cost on optimal decision making.
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Learning Objectives
- Analyze the impact of changes in marginal benefit and marginal cost on optimal decision making.
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