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Question: suppose that seven different books are to be arranged in...

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Suppose that seven different books are to be arranged in a shelf. How many different ways are possible? 2.
1. (20 points) (a) Complete the table below. Clearly show the basis for each column estimates. Control Total Total Cost NetMarginal Marginal Marinal Net Variable Benefts TC) Benefits Beneft Cost MNBIO TB(Q) i 1200 10 1670 NBO) MBO) MC( 250 80 90 100 110 120 130 140 150 160 170 180 100 900 2110 2520 T 2900 104 106 108 110 112 114 3250 3570 3860 116 4120 118 4350 118 120 4550 (b) At what level of the control variable are the net benefits maximized? Explain. (c) What is the relationship between marginal benefit and marginal cost at the net benefits maximizing level of the control variable? Explain the justification for this relationship with an appropriate economic theory.
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