Homework Answers
Marginal utility = change in Total utility
TU of 5 units = 114
TU of 6 units = 119
Marginal utility of 5th unit = 114 - 108 = 6
Marginal utility of 6th unit = 119 - 114 = 5
When consumption is reduced from 6 to 5 units Total utility decreases but marginal utility increases
option A is correct answer
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3. Optimal Consumption Decision in Utility Maximization
Model
1) Biwei’s marginal use value for chamomile tea consumption is
MU=-2Q+6, where Q is the box
quantity of chamomile tea consumed and takes only integer values.
Draw the marginal use value
curve and total use value curve for Q less than 5. If the price for
a box of chamomile tea is $4, how
many boxes will Biwei consume per week? If the price drops to $2,
how many boxes will Biwei...
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3. Optimal Consumption Decision in Utility Maximization
Model
1) Biwei’s marginal use value for chamomile tea consumption is
MU=-2Q+6, where Q is the box
quantity of chamomile tea consumed and takes only integer values.
Draw the marginal use value
curve and total use value curve for Q less than 5. If the price for
a box of chamomile tea is $4, how
many boxes will Biwei consume per week? If the price drops to $2,
how many boxes will Biwei...
9. In the table, as Samuel's consumption of ice cream cones increases, Ice Cream Cones Total Utility 1 50 2 90 3 125 150 5 165 175 A) both his total utility and his marginal utility increase. B) his total utility increases, but his marginal utility decreases. C) his total utility decreases, but his marginal utility increases. D) his total utility increases, and his marginal utility decreases then increases. 10. (Table) The table shows the total and the marginal utility...
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