Homework Answers
Answer
total utility of n th unit =TU of n-1 units +MU of n th unit
TU(n)=TU(n-1)+MU(n)
TU(1)=0+20=20
TU(3)=35+10=45
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MU(n)=TU(n)-TU(n-1)
MU(n)=marginal utility of n th unit
TU(n)=total utility of n units
TU(n-1)= total utility of n-1 units
MU(2)=35-20=15
MU(4)=40-45=-5
=========
MU is negative for fourth unit
Option D
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Units Consumed Total Utility Marginal Utility 11. Refer to data above. Fill in the numerical value...
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Suppose the following table reflects the total satisfaction (utility) derived from eating slices of pizza. Calculate...
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Marginal utility refers to 16. a. the total satisfaction derived from all the units of the...
Marginal utility refers to 16. a. the total satisfaction derived from all the units of the product consumed. b. the satisfaction that an individual receives from consuming a product. c. the change in satisfaction resulting from consuming one more unit or one less unit of the product. the dissatisfaction that is derived from not using an additional unit of the product. d. 17. For a given market price, Jane can increase her total utility by adding to her purchases of...
The table given below records the total utility derived from the consumption of avocados. Table 1...
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6. Refer to the above data. The value for Y is: DA. 25. B. 30. C. 40. D. 45. 7. As pointed out in "After $75,000, Money Can't Buy Day-to-Day Happiness, the emotional impact of negative life events, such as divorce, is: A. minimized by high income. B. influenced almost entirely by personal relationships, not money. C. exacerbated by poverty. D. greater on men than women. 8. A positive shock to U.S. economic output, as presented in "Economic Shocks Reverberate...
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D. 1. 13. Ben is exhausting his money income consuming products A and B in such quantities that MUJP.-Sand MUP. - 8. Ben should purchase: A. more of A and less of B. B. more of both A and B. C. more of B and less of A. D. less of both A and B. Answer the...
Suppose the following table reflects the total satisfaction (utility) derived from eating slices of pizza. Calculate the marginal utility of each slice of pizza and answer two questions about marginal utility. a. What is the marginal utility of each slice of pizza? Instructions: Complete each of the cells below. Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Total Utility Marginal Utility...
Can you answer these questions?
11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y 12. In purchasing products A and B, a consumer is in equilibrium when: 13. The diamond-water paradox atises because: A. essential...
16. Marginal utility refers to a. the total satisfaction derived from all the units of the product consumed. b. the satisfaction that an individual receives from consuming a product. c. the change in satisfaction resulting from consuming one more unit or one less unit of the product. d. the dissatisfaction that is derived from not using an additional unit of the product 17. For a given market price, Jane can increase her total utility by adding to her purchases of...
Marginal utility refers to 16. a. the total satisfaction derived from all the units of the product consumed. b. the satisfaction that an individual receives from consuming a product. c. the change in satisfaction resulting from consuming one more unit or one less unit of the product. the dissatisfaction that is derived from not using an additional unit of the product. d. 17. For a given market price, Jane can increase her total utility by adding to her purchases of...
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