2. Use the following table to answer the questions that follow (Please show mathematical working): No....

 

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2. Use the following table to answer the questions that follow (Please show mathematical working): No. of teddy bears Total Benefit (in $) Marginal Benefit ($) 1 2 10 17 3 23 4 5 6 7 28 30 31 29 8 25 a. Fill out the row of Marginal benefits. b. Suppose you have the following options: (i) buying each teddy bear for $3 or (ii) purchase an "Pick any number of teddies that you want" coupon for $16. Which of these options will you choose and why? Show your work. 2. Use the following table to answer the questions that follow (Please show mathematical working): No. of teddy bears Total Benefit (in $) Marginal Benefit ($) 1 2 10 17 3 23 4 5 6 7 28 30 31 29 8 25 a. Fill out the row of Marginal benefits. b. Suppose you have the following options: (i) buying each teddy bear for $3 or (ii) purchase an "Pick any number of teddies that you want" coupon for $16. Which of these options will you choose and why? Show your work.

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a To find the marginal benefits we calculate the difference in total benefit between consecutive num... View the full answer