(Answered) 1 suppose you can hire your mechanic for up to six hours

Economics

1. Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B(H) = 654H - 40H² and C(H) = 110H + 120H². The corresponding formulas for marginal benefit and marginal cost are MB(H) = 654 - 80H and MC(H) = 110 + 240H. What is your best choice? (LO4)

2. Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are and C(H) = 100H. The corresponding formulas for marginal benefit and marginal cost are and MC(H) = 100. What is your best choice? (LO4)

3. What would be the best choice in worked-out problem 3.1 (page 82) after you have made an appointment that committed you to a $1500 non-refundable fee? What would your net benefit be? (LO4, 5)

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