Georgia and Lauren are economics students who go to a karate class together. Both have
Chapter 0, Problem 7(choose chapter or problem)
Georgia and Lauren are economics students who go to a karate class together. Both have to choose how many classes to go to per week. Each class costs $20. The accompanying table shows Georgias and Laurens estimates of the marginal benefit that each of them gets from each class per week. Summary 579 Section 10 Summary Quantity of Marginal cost customers per hour of customer 0 1 2 3 4 5 6 7 $14.00 14.50 15.00 15.50 16.00 16.50 17.00 Quantity of Laurens marginal Georgias marginal Classes benefit of each class benefit of each class 0 1 2 3 4 $23 19 14 8 $28 22 15 7 a. Use marginal analysis to find Laurens optimal number of karate classes per week. Explain your answer. b. Use marginal analysis to find Georgias optimal number of karate classes per week. Explain your answer.
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