Figure 6.4 The Benefits and Costs of Studying Economics Panel (a) shows the marginal benefit curve of Figure 6.1 "The Benefits of Studying Economics" The total benefit of studying economics at any given quantity of study time is given approximately by the shaded area below the marginal benefit curve up to that level of study Panel (b) shows the marginal cost curve from Figure 6.3 "The Marginal Benefits and Marginal Costs of Studying Economics" The total cost of studying economics at any given quantity of study is given approximately by the shaded area below the marginal cost curve up to that level of study Two features of the curve in Panel (a) of Figure 6.4 "The Benefits and Costs of Studying Economics" are particularly important First, note that the sum of the areas of the five rectangles, 50 points, equals the total benefit of hours of study given in the table in Panel (a) of Figure 6.1 "The Benefits of Studying Economics" Second, notice that the shaded areas are approximately equal to the area under the marginal benefit curve between and hours of study We can pick any quantity of study time, and the total benefit of that quantity equals the sum of the shaded rectangles Attributed to Libby Rittenberg and Timothy Tregarthen Saylor URL: http://www.saylor.org/books/ Saylor.org 303