1. Working with Numbers and Graphs Q1 The marginal utility for the third unit of X...
1. Working with Numbers and Graphs Q1
The marginal utility for the third unit of X is 58 utils, and the marginal utility for the fourth unit of X is 48 utils. Assume that, in this case, utility can only take on whole number, integer, values measured in utils.
If the law of diminishing marginal utility holds, the minimum total utility of consuming four units of X is___utils?
Homework Answers
Answer
the law of diminishing marginal utility holds means as you consume X the marginal utility decreases means the marginal utility from 2nd is higher than third and 1st unit is higher than second.
Minimum marginal utility of 2nd >3rd unit MU
so it is 59 and for 1st it is 60
Total utility is a sum of marginal utilities
Min(TU)=60+59+58+48=225
the minimum total utility of consuming four units of X is 225 utils
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