Question

ECON 101-04 Week 3 Homework Problems Fall 2019 1. The following table gives a total utility schedule for Evelyn: # of cookies per day Total utility per day Marginal Utility 100 2 100 200 275 www 325 3 auw - 350 360 355 a) Calculate the marginal utility schedule (use chart above) Hint: MU is how much total utility is gained from consumption of that item. The first cookie raises total utility from 0 to 100, so marginal utility is 100. b) Graph both the total utility and marginal utility (use separate graphs, with #cookies on the x-axis for both) of 9 1417 words Type here to search

Answer 1

no of cookies per day	total utility per day	marginal utility
0	0	0
1	100	= 100 - 0 = 100
2	200	= 200 - 100 = 100
3	275	= 275 - 200 = 75
4	325	= 325 - 275 = 50
5	350	= 350 - 325 = 25
6	360	= 360 - 350 = 10
7	355	= 355 - 360 = -5