Homework Answers
Currently consuming 4 units if he increases the consumption from 4 to 5 units, total utility doesn't change but marginal utility falls to 0
Marginal utility cuts horizontal axis because as more and units is consumed by consumers her marginal utility falls at reached at a point where if he consumes more then marginal utility became unbearable and became negative. All this done because of law of diminishing marginal utility.
Fill ups
1. Constant
2. At 20 units
3.0
4.x-axis
5.x-axis
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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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