The table below describes the total and marginal benefit elvis gets from fried peanut butter and banana sandwiches. elvis' fried
peanut butter and banana sandwich benefit fried pbb sandwiches total benefit (dollars) marginal benefit (dollars) 1 42 2 24 3 75 4 81 5 –3 what is the marginal benefit of the 4th fried peanut butter and banana sandwich?
1 answer:
I looked up the question, since this one is incomplete. I've attached an image of the correct chart. Elvis' marginal benefit of the fourth sandwich is his total benefit of eating 4 sandwich minus his total benefit from eating 3 sandwiches.
Looking at the chart, we see that this gives us 81-75 = 6.
Therefore, the Marginal Benefit of a fourth sandwich is 6.
Looking at the chart, we see that this gives us 81-75 = 6.
Therefore, the Marginal Benefit of a fourth sandwich is 6.
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Answer:
Price elasticity of demand = 10.21
Explanation:
Given:
Old income (P0) = $31,900
New income (P1) = $33,500
Old Quantity (Q0) = 3 times
New Quantity (Q1) = 5 times
Computation of Price elasticity of demand :
Midpoint method:
Price elasticity of demand =
Price elasticity of demand = 10.21