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The Table Given Below Represents the Marginal Valuation of a Beekeeper

question 58

Multiple Choice

The table given below represents the marginal valuation of a beekeeper (collecting honey) and an orchard farmer (producing mangoes) .The beekeeper's opportunity cost reflects the loss in honey collection resulting from the usage of the same orchard again and again.

$\begin{array}{|c|c|c|c|c|c|}\hline \text { Days used } & \begin{array}{c}\text { Total honey } \\\text { value }(\$) \end{array} & \begin{array}{c}\text { Marginal } \\\text { honey value } \\(\$) \end{array} & \begin{array}{c}\text { Beekeeper's } \\\text { opportunity cost } \\(\$) \end{array} & \begin{array}{c}\text { Total value } \\\text { of mangoes } \\\mathbf{( \$ ) }\end{array} & \begin{array}{c}\text { Marginal value } \\\text { of mangoes (\$) }\end{array} \\\hline 1 & 18 & 18 & 4 & 10 & 10 \\\hline 2 & 23 & 6 & 4 & 17 & 7 \\\hline 3 & 27 & 5 & 4 & 23 & 6 \\\hline 4 & 30 & 3 & 4 & 28 & 5 \\\hline 5 & 32 & 2 & 4 & 32 & 4 \\\hline 6 & 33 & 1 & 4 & 30 & 2 \\\hline 7 & 34 & 1 & 4 & 29 & 1 \\\hline\end{array}$

-Refer to Table.What will be the maximum number of days for which the beekeeper would like to stay in the orchard without being compensated for his stay by the orchard owner?

Definitions:

Dimension of Personality

Characteristics or traits that can be used to describe an individual’s personality, often including openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Initiative

The ability to assess and initiate things independently, often leading to action without explicit instructions.

Locus of Control

A psychological concept that refers to the extent to which individuals believe they have power over events in their lives, as opposed to external forces beyond their control.

MBTI

The Myers-Briggs Type Indicator: a personality assessment tool that categorizes individuals into 16 distinct personality types based on their preferences in four dimensions of human behavior.