|Sep11-06, 02:38 PM||#1|
i know this is not exactly where you post help questions but i really need it.
heres my questions.
I just started learning microeconomics and i am already confused. I was reading production possibility frontiers and how marginal cost and marginal benefit are related. I know that marginal cost is the slope of the PPF, and by doing this i get graph a marginal cost curve, but how do i calculate marginal benefits. I'll put some numbers.
Point A is (0, 15) and Point B is (1,14)
Marginal cost= 14-15/1-0 = -1
Now how do i find marginal benefit at these two points. I am trying to draw the marginal benefit curve.
If you need more points, then tell me and i will post them.
|Sep11-06, 08:25 PM||#2|
Are you given a utility function? or a table with any utility data for a given amount of consumption?
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