Assist on attached document 1.If utility can be measured in some way, it is calledutility.2.State the law of diminishing marginal utility.3.Complete the table below by calculating marginal utility and total utility:Chicken wingsFrench friesTUMUTUMU1100390350300762021011860180161130130Based on the figures in Question 3, calculate the weighted marginal utility for thirdchicken wings consumed when each unit of chicken wings costs R12,00.4.5.Name the three basic assumptions of indifference curves.Given an indifference map, all the indifference curves have the same degree ofsatisfaction.6.TrueFALSEMr Kabelo has R1000 to spend on meat and rice. The price of meat is R250 per portionwhile that of rice is R100 per kg. Indicate the combinations that Mr Kabelo may choose7.given the budget constraint.Explain consumer equilibrium in both the utility approach as well as the indifferenceapproach.8.9.How is an income-consumption curve derived.10.What is a price-consumption curve?

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1. If utility can be measured in some way, it is called utility. 2. State the law of diminishing marginal utility. 3. Complete the table below by calculating marginal utility and total utility: Chicken wings French fries Q TU MU TU MU 1 100 390 3 350 300 7 620 210 11 860 180 16 1130 130 Based on the figures in Question 3, calculate the weighted marginal utility for third chicken wings consumed when each unit of chicken wings costs R12,00. 4. 5. Name the three basic assumptions of indifference curves. 6. Given an indifference map, all the indifference curves have the same degree of satisfaction. True FALSE 7. Mr Kabelo has R1000 to spend on meat and rice. The price of meat is R250 per portion while that of rice is R100 per kg. Indicate the combinations that Mr Kabelo may choose given the budget constraint. Explain consumer equilibrium in both the utility approach as well as the indifference approach. 8. 9. How is an income-consumption curve derived. 10. What is a price-consumption curve?

1. If utility can be measured in some way, it is called utility. 2. State the law of diminishing marginal utility. 3. Complete the table below by calculating marginal utility and total utility: Chicken wings French fries Q TU MU TU MU 1 100 390 3 350 300 7 620 210 11 860 180 16 1130 130 Based on the figures in Question 3, calculate the weighted marginal utility for third chicken wings consumed when each unit of chicken wings costs R12,00. 4. 5. Name the three basic assumptions of indifference curves. 6. Given an indifference map, all the indifference curves have the same degree of satisfaction. True FALSE 7. Mr Kabelo has R1000 to spend on meat and rice. The price of meat is R250 per portion while that of rice is R100 per kg. Indicate the combinations that Mr Kabelo may choose given the budget constraint. Explain consumer equilibrium in both the utility approach as well as the indifference approach. 8. 9. How is an income-consumption curve derived. 10. What is a price-consumption curve?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter21: Demand: Consumer Choic

Section: Chapter Questions

Problem 1E

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