Question

24)As adeimantus consmes for slices of pizza his total utility rises from 0 to 20 to 25, to 28 to 36,respectively for each slice.we can then say his madginal utility on the second slice is a)20 b)6 c)5 d)9

29)if icome rises by 15% and the quantity demanded of that good risess by 25% we can say that the income elasticity of demand is a)8 and elastic b)1.67 and elastic c)8 and inelastic d)1.67 amd inelastic

Answer 1

24) Marginal utility is the additional utility derived with every additional unit consumed. It's symbol is MU_{​​​​​n}.

29) Income elasticity is defined as the percentage change in quantity demanded divided by percentage change in income.