The table below demonstrates the total utility Terrence derives from eating different quantities of plates of thanksgiving dinner. Calculate the marginal utility for each plate then graph the total utility and marginal utility (with total utility graph above the marginal utility graph – lining up the Qty). (3 points) Quantity of Plates Marginal Utility from Plates Total Utility from Plates 1 250 2 380 3 425 4 375 300

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A: Marginal utility is the additional utility gained from the consumption of one more unit of output

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A: Maximizing his utility with the given income: MUMPM=MUCPC

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Q: What is law of diminishing marginal utility? Explain.

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A: Utility is maximised at a point where marginal utility per dollar for all the goods are equal.

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A: TU = MU2 + MU1 = 35 + 30 = 65 MU = TU2 – TU1

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A: Total utility depicts the total satisfaction derived from the intake of various goods and services.

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A: Answer: Introduction: Marginal utility: marginal utility refers to the additional utility derived…

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A: The following problem has been answered as follows:

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A: Parker utility maximization will take place at the point when marginal utility per dollar of waffles…

Q: xplain the difference between marginal utility and total utility

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

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A: Note:- Since we can only answer up to three subparts, we'll answer the first three. Please repost…

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A: Since you have asked multiple questions, we will be answering the first one, if you need an answer…

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Q: 3. The table below demonstrates the total utility Terrence derives from eating different quantities…

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