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Economics

Q1. Kevin is an avid residence brewer. He is interested in obtaining one or more 30-gallon, professional-quality aluminum pots for his beer-brewing process. His marginal willingness to pay (or his marginal benefit) for these pots is detailed in the subsequent chart.

Quantity Marginal Benefit

1 $275
2 $255
3 $230
4 $205
5 $190

Explain how much is Kevin willing to pay for a third pot?

Q2. Which of the subsequent is NOT recognized as a factor or resource of production by the author of your textbook, even though it is seen as such by most economists also ALL colleges of business today also was 1st proposed as a factor of production by a classical economist less than 40 years after Adam Smith?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9163902

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