Homework Answers
1)
It shall be noted that Total Utility up to n units of a good = Marginal Utility of nth unit of the good + Total Utility up to n-1 units of the good
Marginal Utility of nth unit of the good = Total Utility upto n units of the good - Total Utility upto n-1 units of the good
The total utility at 0 units of the good = 0
The marginal utility at 0 units of the good = 0
Hence, the complete table is:
| Number of Cookies | Total Utility | Marginal Utility | Number of Pretzels | Total Utility | Marginal Utility |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 25 | 25 | 1 | 10 | 10 |
| 2 | 40 | 15 | 2 | 18 | 8 |
| 3 | 50 | 10 | 3 | 24 | 6 |
| 4 | 55 | 5 | 4 | 28 | 4 |
| 5 | 55 | 0 | 5 | 30 | 2 |
| 6 | 50 | -5 | 6 | 30 | 0 |
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Fill out the table, answer
questions at the end.
Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Competition Price of output: $10 Fixed costs: $200 Avg Variable Fixed Total Variable Avg Fixed Output Cost Cost Cost Cost Cost $0 10 $50 $250 $20.00 20 $90 $4.50 30 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 70 $510 $710 $7.29 $2.86 80 $640 $8.00 1. What is the profit-maximizing level of output? 2. What are profits at...
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