Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.
Sagot :
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
#SPJ1
We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.