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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 Total benefits
1 $8
2 $14
3 $18
4 $20
5 $21

Respuesta :

Marginal benefit of 2 cups of coffee is $6

Marginal benefit of 3 cups of coffee is $4

Marginal benefit of 4 cups of coffee is $2

Marginal benefit of 5 cups of coffee is $1

Marginal benefit is the change in benefit a consumer derives from a good or service as a result of consuming an extra unit of the product.

Marginal benefit = change in total benefit / change in quantity consumed

Marginal benefit of 2 cups of coffee = ($14 - $8) ÷ (2 - 1) = $6

Marginal benefit of 3 cups of coffee = (18 - $14) ÷ (3 - 2) = $4

Marginal benefit of 4 cups of coffee = ($20 - $18) ÷ (4 - 3) = $2

Marginal benefit of 5 cups of coffee = ($21 - $20) ÷ (5 - 4) = $1

To learn more about marginal benefits, please check: https://brainly.com/question/15583202?referrer=searchResults

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