This table shows the quantities consumed of one commodity and the total utility gained from this commodity. Marginal Utility Total Utility Quantity 9 1 18 2 25 3 30 4 34 5 36 6
This table shows the quantities consumed of one commodity and the total utility gained from this commodity. Marginal Utility Total Utility Quantity 9 1 18 2 25 3 30 4 34 5 36 6
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 3WNG
Related questions
Question
Q2) This table shows the quantities consumed of one commodity and the total utility gained from this commodity.
|
|
Total Utility |
Quantity |
|
|
9 |
1 |
|
|
18 |
2 |
|
|
25 |
3 |
|
|
30 |
4 |
|
|
34 |
5 |
|
|
36 |
6 |
|
|
36 |
7 |
|
|
34 |
8 |
The Required:
1. Extract the marginal utility
2. Draw the total and marginal utility curve in the graph and explain the importance of marginal utility.
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