Question
This table shows the quantities consumed of one commodity and the total utility gained from this...
This table shows the quantities consumed of one commodity and the total utility gained from this commodity. Marginal Utility Total Utility Quantity 9 1 18 2 25 3 30 4 34 5 36 6 36 7 34 8 The Required: 1. Extract the marginal utility 2. Draw the total and marginal utility curve in the graph and explain the importance of marginal utility.
Homework Answers
Answer #1
Marginal
Utility is significant as when we consume more and more units of a
commodity, Marginal Utility declines and a customer derives less
and less satisfaction from consuming more units of a particular
product.
Not the answer you're looking for?
Similar Questions
10. The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived from the...
10. The Table below shows
the Total Utility (TU) and Marginal Utility (MU) derived from the
consumption of 10 units of the commodities X and Y.
a. Derive a column for the Marginal Utility of x
(MUx), and a column for the Total Utility of y
(TUy).
b. On separate graphs, plot the Total and Marginal curves for each
commodity, placing the panel of the marginal utility curve below
the panel for the total
utility curve for each...
The table shows a consumer's utility schedule. Number of Units Consumed Total Utility 0 0 1...
The table shows a consumer's utility schedule.
Number of
Units Consumed
Total
Utility
0
0
1
4
2
10
3
18
4
23
5
35
Based on the data, you can conclude that the consumer
Multiple Choice
receives increasing marginal utility from consuming the first
three units.
experiences diminishing marginal utility after consuming the
first unit.
experiences diminishing marginal utility only after consuming
the fourth unit.
will never consume just one unit of the product.
The table below show the marginal utility, measured in utils, that Ricardo would get by purchasing...
The table below show the marginal utility, measured in utils,
that Ricardo would get by purchasing various amounts of products A,
B, C, and D. Column 5 shows the marginal utility Ricardo gets from
saving. Assume that the prices of A, B, C, and D are, respectively,
$18, $6, $4, and $24 and that Ricardo has a budget of $106.
Quantity of A
MU of A
Quantity of B
MU of B
Quantity of C
MU of C
Quantity of...
The following table shows William's total utility from consuming Pita Wraps and Bubble Tea. Pita Wraps...
The following table shows William's total utility from
consuming Pita Wraps and Bubble Tea.
Pita Wraps
Bubble Tea
Quantity
Total Utility
1
72
2
156
3
222
4
276
5
318
6
354
7
378
8
396
9
405
10
411
11
414
12
414
Quantity
Total Utility
1
60
2
126
3
180
4
230
5
276
6
318
7
354
8
372
9
381
10
387
11
390
12
390
Suppose William has $30 to spend on Pita...
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a...
The table below shows the total cost (TC) and marginal cost (MC)
for Choco Lovers, a monopolistic firm producing different
quantities of chocolate gift boxes. Fill in the blanks in the
table.
Quantity
Price
Total REVENUE
TOTAL COST
MARGINAL COST
MARGINAL REVENUE
0
$19
$0
$30
-
-
25
18
450
205
$7
30
510
237.5
6.5
12
35
16
272.5
10
40
15
600
312.5
8
8
45
14
630
10
50
13
650
422.5
12
4
INSTRUCTIONS; ENTER...
The following table shows William's utility from consuming slices of pizza and cans of Coke. Slices...
The following table shows William's utility from consuming
slices of pizza and cans of Coke.
Slices of
PizzaPizza
Total Utility
from PizzaPizza
Marginal Utility
from Last Slice
Cans of
CokeCoke
Total Utility
from CokeCoke
Marginal Utility
from Last Can
0
0
-
0
-
-
1
36
36
1
30
30
2
66
30
2
55
25
3
90
24
3
75
20
4
108
18
4
90
15
5
120
12
5
100
10
6
126
6
6
105...
The table shows the marginal-utility schedules for goods A and B for a hypothetical consumer. The...
The table shows the marginal-utility schedules for goods A and B
for a hypothetical consumer. The price of good A is $1, and the
price of good B is $2. The income of the consumer is $8. Good A
Good B Quantity MUA Quantity MUB 1 10 1 16 2 9 2 14 3 8 3 12 4 7 4
10 5 6 5 8 6 5 6 6 7 4 7 4 If the price of B falls to...
The following table shows Madison's utility... from consuming popcorn and Coke. Suppose that Madison has income...
The following table shows Madison's utility... from consuming
popcorn and Coke. Suppose that Madison has income of $18.00, the
price of popcorn is $6.00, and the price of Coke is $1.50. If
Madison wants to maximize her utility, how much popcorn and Coke
should she buy?
Popcorn Coke
Quantity Marginal Utility Marginal Utility
1 192 144
2 144 108
3 96 72
4 48 36
5 24 18
6 12 9
Madison should buy
?? boxes of popcorn and
??...
The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income...
The following table shows Madison's utility from consuming
popcorn and Coke. Suppose that Madison has income of $51 the
price of popcorn is $6 and the price of Coke is $13.50 If
Madison wants to maximize her utility, how much popcorn and Coke
should she buy?
Popcorn
Coke
Quantity
Marginal Utility
Marginal Utility
1
192
144
2
144
108
3
96
72
4
48
36
5
24
18
6
12
9
Madison should buy ___ boxes of popcorn and ____...
Marginal Utility per Dollar Quantity of Product A Total Utility Marginal Utility Marginal Utility per Dollar...
Marginal Utility per Dollar
Quantity of Product A
Total Utility
Marginal Utility
Marginal Utility per Dollar
Quantity of Product B
Total Utility
Marginal Utility
Marginal Utility per Dollar
1
24
24
?
1
38
38
?
2
45
21
?
2
74
36
?
3
63
18
?
3
108
34
?
4
78
15
?
4
140
32
?
5
90
12
?
5
170
30
?
6
99
9
?
6
198
28
?
7
105
6
?...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 2 minutes ago
asked 6 minutes ago
asked 27 minutes ago
asked 34 minutes ago
asked 34 minutes ago
asked 36 minutes ago
asked 37 minutes ago
asked 55 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago