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Complete the following table and answer the accompanying questions
Complete the following table and answer the accompanying questions.
| Control Variable Q | Total Benefits B (Q) | Total Cost C(Q) | Net Benefits Benefits (N(Q) | Marginal Benefit MB(Q) | Marginal Cost MC(Q) | Marginal Net Benefit MNB(Q) |
|---|---|---|---|---|---|---|
| 100 | 1,200 | 950 | 250 | 210 | 60 | ____________ |
| 101 | 1,400 | 1020 | 380 | 200 | 30 | ____________ |
| 102 | 1,590 | 1100 | 490 | 190 | 80 | ____________ |
| 103 | 1,770 | 1190 | 580 | 180 | 90 | ____________ |
| 104 | 1,940 | 1290 | 650 | 170 | 100 | ____________ |
| 105 | 2,100 | 1400 | 700 | 160 | 110 | ____________ |
| 106 | 2,250 | 1520 | 730 | 150 | 120 | ____________ |
| 107 | 2,390 | 1650 | 740 | 140 | 130 | ____________ |
| 108 | 2,520 | 1790 | 730 | 130 | 140 | -10 |
| 109 | 2,640 | 1940 | 700 | 120 | 150 | ____________ |
| 110 | 2,750 | 2100 | 650 | 110 | 160 | ____________ |
Expert Solution
In order to fill in the table, the following formula can be used.
Marginal Net Benefit,MNB(Q) = Marginal Benefit,MC(Q) - Marginal cost,MC(Q)
Marginal cost refers to the extra cost incurred as a result of adding one more unit of output.
Marginal benefit refers to the extra benefit a consumer enjoys as a result of adding one more unit of a product consumed.
MNB(Q) = MB(Q) - MC(Q)
For instance, in row two;
MNB = 210 - 60
= 150
| Control Variable Q | Total Benefits B(Q) | Total cost C(Q) | Net Benefit N(Q) | Marginal Benefit MB(Q) | Marginal Cost MC(Q) | Marginal Net Benefit MNB(Q) |
|---|---|---|---|---|---|---|
| 100 | 1,200 | 950 | 250 | 210 | 60 | 150 |
| 101 | 1,400 | 1020 | 380 | 200 | 30 | 130 |
| 102 | 1,590 | 1100 | 490 | 190 | 80 | 110 |
| 103 | 1,770 | 1190 | 580 | 180 | 90 | 90 |
| 104 | 1,940 | 1290 | 650 | 170 | 100 | 70 |
| 105 | 2,100 | 1400 | 700 | 160 | 110 | 50 |
| 106 | 2,250 | 1520 | 730 | 150 | 120 | 30 |
| 107 | 2,390 | 1650 | 740 | 140 | 130 | 10 |
| 108 | 2,520 | 1790 | 730 | 130 | 140 | -10 |
| 109 | 2,640 | 1940 | 700 | 120 | 150 | -30 |
| 110 | 2,750 | 2100 | 650 | 110 | 160 | -50 |
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