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Suppose the price of a sweater is $25. Matthew's total benefit from purchasing each additional sweater is given in the table below. If Matthew is
Suppose the price of a sweater is $25. Matthew's total benefit from purchasing each additional sweater is given in the table below. If Matthew is behaving rationally, how many sweaters will he purchase? Total benefit Marginal benefit 1st sweater 60 2nd sweater 105 3d sweater 145 4th sweater 170 5th sweater 192 6th sweater 200 7th sweater 195 a. Fill in the column of marginal benefit. b. Draw a graph of the total benefit and marginal benefit schedule c. How much is the marginal cost of purchasing a sweater? Is it constant? d. How many sweaters will he purchase
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