Problem 01-03 (algo, with video solution) To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.15 per pound. By adding compost to your garden, you can increase your yield as shown in the accompanying table. Instructions: Determine the number of additional pounds of tomatoes you are able to grow by using each additional pound of compost. Then compute the additional revenue (or marginal benefit) from each additional pound of compost. Enter your responses in the table below, rounding the marginal benefit of each pound of compost to the nearest penny (two decimal places). Pounds of compost 0 1 2 3 4 15 6 Pounds of tomatoes 100 120 125 128 130 131 131.5 Additional pounds of tomatoes 20 5 3 2 0.5 Additional revenue (or marginal benefit) $ $ $ $ $ $ If compost costs $0.50 per pound and your goal is to make as much profit as possible, how many pounds of compost should you add? Instructions: Enter your answer as a whole number

Problem 01-03 (algo, with video solution) To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.15 per pound. By adding compost to your garden, you can increase your yield as shown in the accompanying table. Instructions: Determine the number of additional pounds of tomatoes you are able to grow by using each additional pound of compost. Then compute the additional revenue (or marginal benefit) from each additional pound of compost. Enter your responses in the table below, rounding the marginal benefit of each pound of compost to the nearest penny (two decimal places). Pounds of compost 0 1 2 3 4 15 6 Pounds of tomatoes 100 120 125 128 130 131 131.5 Additional pounds of tomatoes 20 5 3 2 0.5 Additional revenue (or marginal benefit) $ $ $ $ $ $ If compost costs $0.50 per pound and your goal is to make as much profit as possible, how many pounds of compost should you add? Instructions: Enter your answer as a whole number

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter2: Economics: Eight Powerful Ideas

Section: Chapter Questions

Problem 19P

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