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Please answer the following and PLEASE DO NOT FORGET to develop a two dimensional model of...

Please answer the following and PLEASE DO NOT FORGET to develop a two dimensional model of Total Utility for question A.

a)   What is Utility ?   Develop a two dimensional model of Total Utility,, and explain the purpose of this model.

b) What is Marginal Utility? Derive it from Total Utility.

c) Using utility analysis: if one is economically rational, how does he/she allocate his/her choices ?

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Answer #1

Ques : مه utility å defined as entility derived om the total the consumption Googl. YT of the TU utility X QuantityUt 15 W more the utility Aurther furent Mehed Diminishing marginal tiling 2 from the marginal utility for the consumption ofS- Exa imple unit of chocolate Total Utility marginal utility 20 2 3 4 s 20 35 45 so 50 YS 35 so 10 5 o -5 -10 6 74. 20 my Curve Utiling 10 X O 3 units of chocolate,C) if anyone is rational,then he will consume in such a way that he will be able to maximize his total utility.

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