a)Which gives you greater total utility: 14 gallons of water per day or 22 gallons per day? Why? b). At which level do you get greater marginal utility: 14 gallons per day or 22 gallons per day? Why?

Q: Answer the question based on the table below showing the marginal utility schedules for product X…

A: Total utility means the consumption of goods and services by an individual. It is the addition of…

Q: Complete the following table and answer the questions below: a. At which rate is total utility…

A: Total utility (TU) is the sum total of all utilities which a rational consumer derives by consuming…

Q: Can someone else measure your utility why or why not?

A: The term "utility" is commonly used in the subject of economics. It can be used to calculate the…

Q: Part 3 Given the total quantity of movie tickets and total concession stand items consumed in a…

A: Quantity of Tickets consumed TU MU Price MU/$ for movie 0 0 - 10   200 150 150 10 15 400 275…

Q: Which statement BEST describes the principle of diminishing marginal utility?

A: C is the correct option and describes the principle of marginal utility.

Q: Quantity Total Utility 1 20 2 36 3 46 4 54 5 60 64 According to the total utility table given above,…

A: The Marginal Utility per dollar for every quantity is given below in the table:

Q: You are choosing between two goods, X and Y, and your marginal utility from each is as shown in the…

A: Units of X MUX Units of Y MUY MUX/Price of X MUY/Price of Y Total utility of X Total utility of Y…

Q: Answer the question based on the table below showing the marginal utility schedules for product X…

A: Utility-maximizing combination: A firm maximizes its utility combination where the marginal utility…

Q: 6)       According to the law of diminishing marginal utility, _________? A) Additional consumption…

A: Law of diminishing marginal Utility: It says that by consuming more goods marginal utility will…

Q: What is the law of diminishing utility? Please explain with a few examples.

A: Law of diminishing marginal utility says that as we consume more and more units of same good then…

Q: What is the law of diminishing marginal utility why or how is this relevant for our discussion of…

A: Marginal utility is the addition to the total utility received from consuming an additional unit of…

Q: As an individual consumes more and more of a good, each additional unit brings about less and less…

A: Marginal Utility refers to the additional satisfaction derived from consumption of an additional…

Q: The law of diminishing marginal utility says that.... ........... as a person consumes more and more…

A: The consumers, or the individuals, or the households purchase goods, and services in order to…

Q: Explain the phrase “Less is more” in terms of Utility and cite 2 examples in your answer.

A: The utility is the consumer wants satisfying power of the goods or services.  Marginal utility is…

Q: Which of the following are true regarding the law of diminishing marginal utility? The more a person…

A: The marginal utility derived from each additional unit decreases as consumption increases, according…

Q: What do you understand by price line and budget line? Assuming that a consumer has a monthly income…

A: Budget Line(BL) shows all of the possible combinations of two goods that a consumer can purchase,…

Q: 40. As long as the principle of diminishing marginal utility is operating, any increased consumption…

A: The change in the total utility from the consumption of an additional unit of a good is known as a…

Q: this week you have gone to two parties. assume the total utility you gained from these parties is…

A: The marginal utility is the difference between the total utility of the good and services with that…

Q: "Ella consumes positive quantities of both jam and juice. The price of jam is 5 cents per unit and…

A: Price of jam = 5 cents  Price of juice = 10 cents  Marginal utility of jam = 10 Marginal utility of…

Q: Shiela bought a new phone and paid $10,000. This means that her marginal utility from this new phone…

A: Here, it is given that Shiela bought a phone and she paid $10,000 for the phone.

Q: What are the two conditions that are met if a consumer is maximizing utility?

A: A consumer is said to be in a state of equilibrium when he or she maximizes his utility, given…

Q: Dave currently consumes 10 hot dogs and 6 sodas each week. At his current consumption basket, his…

A: Marginal utility is the utility gained when an additional unit of a good is consumed. Ina two goods…

Q: Q.24 Following schedule shows total utility. If the price per unit is 3, then how many units of the…

A: # We know well that a rational consumer would always maximize his satisfaction where his marginal…

Q: Total utility (utils) 0 80 120 148 160 155 Quantity consumed per day 0   1     2     3…

A: Quantity consumer per day Total utility (utils) 0 0 1 80 2 120 3 148 4 160 5 155

Q: If a good is free, when will a consumer stop wanting to buy the good? Once the total utility equals…

A: ''Since multiple questions are asked, we are supposed to answer one question''   Marginal Utility is…

Q: Is it possible for total utility to increase while marginal utility diminishes

A: Step-1 Marginal utility(MU) is the change in the total utility(TU) due to small change in the…

Q: This week you have gone to two parties. Assume the total utility you gained from these parties is…

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: The following table reflects the utility one receives from consuming a given product.      Units…

A: Total Utility refers to the total satifaction derived by a consumer from the consumption of a good…

Q: Lisa consumes only two goods, pizzas and burritos. In equilibrium, her marginal utility per slice of…

A: In consumer demand theory, utility maximization requires the ratio of marginal utilities of two…

Q: Suppose that at three units purchased, marginal utility is $8 and total utility is $30. If the…

A: Here, given information is, Marginal utility from three units: $8 Total utility from three units:…

Q: Q4-From the blow table discuss the following with the help of graph. a)      Trend of total utility…

A: Utility is the want satisfying power of a commodity. It is the satisfaction that a consumer derives…

Q: Quantity of Cheese Cakes (slices per day) Total Utility (TU) Marginal Utility (MU) 1 20   2…

A: The marginal utility can be defined as the additional utility that is received from the consumption…

Q: Would you expect total utility to rise or fall with additional consumption of a good? Why?

A: Marginal utility is the additional satisfaction that is obtained from consuming one more unit of the…

Q: Mrs. Simpson buys loaves of bread and quarts of milk each week at prices of $1 and 80 cents,…

A: Utility of a consumer is maximized when the consumer allocates the budget in such a that the last…

Q: If we consume an additional unit of goods when utility is maximum, the utility we get from this…

A: Utility refers to satisfaction of consumers that they can get by consuming goods and services.…

Q: Given marginal utility per dollar of guavas is greater than marginal utility of apples, how will the…

A: A consumer is a person who buys products that are available in the market. He does it for satisfying…