Number of Sodas per day Total Utility Marginal Utilit 1 20 2 35 3 47 12 4 10 5 7 Refer to the table, The marginal utility of the second soda per day is (Answer should be in the form of numerical characters, e.g. 20) Enter your answer here

Number of Sodas per day Total Utility Marginal Utilit 1 20 2 35 3 47 12 4 10 5 7 Refer to the table, The marginal utility of the second soda per day is (Answer should be in the form of numerical characters, e.g. 20) Enter your answer here

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.3P

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Question

Number of Sodas per day Total Utility
Marginal Utilit
1
20
35
3
47
12
4
10
Refer to the table, The marginal utility of the second soda per day is L. (Answer should be in
the form of numerical characters, e.g. 20)
Enter your answer here

Expert Solution

Step 1

MU(marginal utility) is the extra utility which is obtained by the usage of an additional unit of the product. Law of Diminishing MU shows that as we use more of a product, the MU obtained from an additional unit tends to fall gradually.

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