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This Table Shows the Marginal Benefits from Widgets Obtained by the Only

question 188

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This table shows the marginal benefits from widgets obtained by the only three people who value them.  Marginal Value to  Number of widgets  Helen  Ingrid  Jane 1st$10$8$6 2nd $4$3$2 3rd $2$1$1\begin{array} { r } { \text { Marginal Value to } } \quad\quad\\\begin{array} { | c | c | c | c | } \hline \text { Number of widgets }& \text { Helen } & \text { Ingrid } & \text { Jane } \\\hline 1 \mathrm { st } & \$ 10 & \$ 8 & \$ 6 \\\hline \text { 2nd } & \$ 4 & \$ 3 & \$ 2 \\\hline \text { 3rd } & \$ 2 & \$ 1 & \$ 1 \\\hline\end{array}\end{array} Suppose widgets cost $8.50 to produce. If widgets are a private good, how many will be produced by market incentives, and is that the right (efficient) number?

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Definitions:

Posterior Portion

The rear part of something, often referring to the back side of the body or an organ.

Vertebral Foramen

The vertebral foramen is the central canal within each vertebra of the spine through which the spinal cord passes.

Laminae

Thin layers or plates of tissue or material, forming part of the structure of plants or animals.

Sacral Foramina

Openings in the sacral bone of the spine through which nerves and blood vessels pass.

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