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1. Use the figure below to fill in the blanks in the following questions.

66_Marginal Benefit and marginal cost.jpg

a. The values that belong in the blanks a - f in the figure on the previous page are:

a.

______

d.

______

b.

______

e.

______

c.

______

f.

______

b. The optimal level of activity is ______ units of activity where ______ (TB, TC, MB, MC, NB) reaches its maximum value of $_________.

c. Because TB is maximized at 100 units of activity, a line drawn tangent to the TB curve at 100 units of activity (not shown in the figure) has a slope of ______. NB at 100 units of activity is $_________, which is identical to the value of NB at ______ units of activity. Beyond 100 units, NB is _____________ (positive, rising, zero, negative).

d. At 25 units of activity, ______ (TB, TC, MB, MC, NB) is rising faster than ______ (TB, TC, MB, MC, NB) is rising, and thus ______ (TB, TC, MB, MC, NB) is rising.

e. At 75 units of activity, decreasing the activity causes ______ (TB, TC, MB, MC, NB) to fall faster than ______ (TB, TC, MB, MC, NB) falls, and thus ______ (TB, TC, MB, MC, NB) rises.

Reference no: EM13835482

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