Pick any random tangible good that gives you happiness or sense of contentment when you utilise it. Analyse it well and answer the following questions based on that good: 1. Define Utility in your own words, relating to the good that you picked. 2. Based on your personal preference of consumption level, fill up the following table on your own: QUANTITY CONSUMED UTILITY UTILITY TOTAL AVERAGE MARGINAL UTILITY 10 120 20 210 30 270 40 300 50 300 3. Plot the graphs of Total Utility and Marginal Utility; briefly explain your opinion about the shape and nature of the graphs.
Pick any random tangible good that gives you happiness or sense of contentment when you utilise it. Analyse it well and answer the following questions based on that good: 1. Define Utility in your own words, relating to the good that you picked. 2. Based on your personal preference of consumption level, fill up the following table on your own: QUANTITY CONSUMED UTILITY UTILITY TOTAL AVERAGE MARGINAL UTILITY 10 120 20 210 30 270 40 300 50 300 3. Plot the graphs of Total Utility and Marginal Utility; briefly explain your opinion about the shape and nature of the graphs.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 3SQP
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Transcribed Image Text:Pick any random tangible good that gives you happiness or sense of
contentment when you utilise it. Analyse it well and answer the following
questions based on that good:
1. Define Utility in your own words, relating to the good that you picked.
2. Based on your personal preference of consumption level, fill up the
following table on your own:
QUANTITY
CONSUMED UTILITY UTILITY
TOTAL AVERAGE MARGINAL
UTILITY
10
120
20
210
30
270
40
300
50
300
3. Plot the graphs of Total Utility and Marginal Utility; briefly explain your
opinion about the shape and nature of the graphs.
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