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1. [20 pts] Neal is a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal's total benefits
1. [20 pts] Neal is a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal's total benefits from drinking coffee are indicated in the accompanying table. Use this information to calculate Neal's marginal benefit of consuming each cup of coffee. Quantity of coffee (cups per day) Total benefits $8 $14 $18 $20 $21 1.1. [5 pts] What are the marginal benefits of the first, third, and fifth cups of coffee. 1.2. [5 pts] How many cups of coffee should Neil consume per day? Explain your reasons. 1.3. [10 pts] What core principles of economics did you use to answer parts 1.1 and 1.2? Explain
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