How many movies would ray choose to see a month

Reference no: EM13238320

Ray loves going to the movie theater. There is always something Ray is willing to see (or watch for a second or third time!). The table on the left shows Ray's total benefits (or total willingness to pay) associated with seeing movies at the movie theater for a period of one month. The table on the right shows Ray's marginal benefit. Notice that some of the information is missing from the "Marginal Benefit" column.

Total Number of Movies Total Benefit
1 $8.00
2 $14.50
3 $19.25
4 $22.00
5 $23.50

Movie Marginal Benefit
1st $8.00
2nd $ -
3rd $ -
4th $ -
5th $1.50

1) Suppose that movie tickets in Ray's town are priced at $5.00. How many movies will Ray choose to see in a month?

2) If the local theater in Ray's town lowers its price to $4.50, how many movies will Ray choose to view?

3)Assume that Ray's brother takes a job at the movie theater and is allowed to admit his family members at no charge. In this case, how many movies would Ray choose to see a month?

Reference no: EM13238320

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