Lucinda collects Beanie Babies, and can afford to buy up to six Beanie Babies. The table below describes the marginal benefit Lucinda gets for each additional Beanie Baby she adds to her collection. Lucinda's Marginal Benefit of Beanie Babies Marginal Benefit (dollars) $20 18 16 14 Beanie Babies 1 2 3 4 5 6 12 10 1 Instructions: Enter your answers as a whole number. a. If the price of Beanie Babies is $12 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational? 1 Beanie Babies b. If the price of Beanie Babies falls to $10 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational? 1 Beanie Babies
Lucinda collects Beanie Babies, and can afford to buy up to six Beanie Babies. The table below describes the marginal benefit Lucinda gets for each additional Beanie Baby she adds to her collection. Lucinda's Marginal Benefit of Beanie Babies Marginal Benefit (dollars) $20 18 16 14 Beanie Babies 1 2 3 4 5 6 12 10 1 Instructions: Enter your answers as a whole number. a. If the price of Beanie Babies is $12 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational? 1 Beanie Babies b. If the price of Beanie Babies falls to $10 per Beanie Baby, how many Beanie Babies would Lucinda buy if she is rational? 1 Beanie Babies
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...
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