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Suppose the price of a sweater is $10. Jaylen's marginal benefit for purchasing each additional sweater is given in the table below. He
gets the most benefit from the first sweater and less benefit from each additional sweater. If Jaylen is behaving rationally, how many
sweaters will he purchase?

1st sweater
2nd sweater
3rd sweater
4th sweater
5th sweater
6th sweater

50
35
30
23
12
8

Sagot :

anthougo

The number of sweaters that Jaylen will purchase, based on his marginal benefit, is 5 sweaters.

What is marginal utility?

Marginal utility or benefit is the added satisfaction that a consumer derives from the consumption of an additional unit of a product or service.

Using the concept of marginal utility, we can determine the number of units consumers will be willing to purchase.

The law of marginal utility states that a consumer will continue to purchase more of an item until their marginal benefit or utility is fewer than the cost of the item.

For instance, Jaylen will buy sweaters until his marginal benefit is lower than the price of a sweater ($10).

Jaylen is likely to buy 5 sweaters since his marginal benefit, though progressively reducing, still exceeds the price of the sweaters.

Data:

Price per sweater = $10

                     Marginal Benefits

1st sweater              50

2nd sweater           35

3rd sweater            30

4th sweater            23

5th sweater            12

6th sweater             8

Thus, based on marginal utility, Jaylen will purchase 5 sweaters.

Learn more about marginal utility at https://brainly.com/question/15050855

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