The first hour you study on Thursday night for your Friday morning Economics 101 final exam will
Question:
The first hour you study on Thursday night for your Friday morning Economics 101 final exam will improve your grade on the final exam from a score of 50 percent to a score of 70 percent. The next hour you study improves your exam grade to a score of 85 percent. The third hour of studying moves your grade up to a score of 90 percent. This illustrates which of the following?
a. Constant marginal costs
b. Decreasing marginal costs
c. Increasing marginal benefits
d. Decreasing marginal benefits
e. Constant marginal benefits
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
This scenario illustrates the concept of decreasing marginal benefits Heres how it breaks down The first hour of study increases your grade from 50 percent to 70 percent which is a 20 percent improvement The second hour of study further improves your grade from 70 percent to 85 percent which is a 15 percent improvement The third hour of study raises your grade from 85 percent to 90 percent which is only a 5 percent improvement As you can see the additional benefit ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3+ Reviews
10+ Question Solved
Related Book For 
Introduction To Economics Social Issues And Economic Thinking
ISBN: 9780470574782
1st Edition
Authors: Wendy A. Stock
Question Posted:
