Based on information in the table above, the optimal number of wands for Tom to buy is:

Question:

a. 1

b. 2

c. 4

d. 5

e. More than 7

Total number of Wands 1 2 3 4 Total Benefit ($) 1,800 3,300 4,500 5,400 Total Cost ($) 500 1,000 1,500 2,000

Total number of Wands 5 6 7 Total Benefit ($) 6,000 6,400 6,600 Total Cost ($) 2,500 3,000 3,500

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Introduction To Economics Social Issues And Economic Thinking

ISBN: 9780470574782

1st Edition

Authors: Wendy A. Stock

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Question Posted: Oct 27, 2023 11:54 PM

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Based on information in the table above, the optimal number of wands for Tom to buy is:

Question:

Total number of Wands 1 2 3 4 Total Benefit ($) 1,800 3,300 4,500 5,400 Total Cost ($) 500 1,000 1,500 2,000

Step by Step Answer:

To determine the optimal number of wands for Tom to buy we need to calculate the net benefit for eac...View the full answer

Introduction To Economics Social Issues And Economic Thinking

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