Suppose the following table reflects the total satisfaction (utility) derived from eating pizza: Quantity consumed 1 2 3 4 5 6 7 Total Utility 33 82 112 135 147 140 120 (a) What is the marginal utility of each pizza? (b) From which unit of pizza consumption, the law of diminishing marginal utility starts?
Suppose the following table reflects the total satisfaction (utility) derived from eating pizza: Quantity consumed 1 2 3 4 5 6 7 Total Utility 33 82 112 135 147 140 120 (a) What is the marginal utility of each pizza? (b) From which unit of pizza consumption, the law of diminishing marginal utility starts?
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 1WNG
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Suppose the following table reflects the total satisfaction (utility) derived from eating pizza:
Quantity consumed |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
Total Utility |
33 |
82 |
112 |
135 |
147 |
140 |
120 |
(a) What is the
(b) From which unit of pizza consumption, the law of diminishing marginal utility starts?
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