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Consider Ron’s demand for after school care for his children. The marginal benefit Ron receives for every hour of childcare is provided in the accompanying table.

a. Utilizing the information in the table, move the points in the first graph to plot Ron's marginal benefit curve, and move the points in the second graph to plot Ron's demand curve.

After school childcare //// Marginal benefit
(hours per day) /// ($ per hour)
1 $32
2 $30
3 $20
4 $14

b. If an hour of childcare costs $24, how many hours will Ron purchase each day? Assume Ron can only purchase care in one-hour increments (no partial hours).

c. If an hour of childcare costs $18, how many hours will Ron purchase each day? Assume Ron can only purchase care in one-hour increments (no partial hours).

Ron's marginal benefit curve is (the same as or different than) his demand curve.

Sagot :

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