Answered: 4. Fill in the table below. Table 1:…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 8RQ: Is it possible for total utility to increase while marginal utility diminishes? Explain.

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4. Fill in the table below.
Table 1: Steven's preferences.
Number of video games
1
2
3
4
5
Answers are in parentheses.
5. Refer to Table 1. Diminishing marginal utility sets in after
a. 1
b. 2
C.
34
Total utility from video
games
40
(?)
110
(?)
140
d. 4
Marginal utility of video
games
(?)
40
(?)
20
10
video games.

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