How would I get Marginal utility and Total utility when I only have either or? Answering with the provided table as an example would be appreciated. green curve) rises until it reaches 75, the rate of increase (that is, theFIGURE 16.1poidsTotal Utility and Marginal UtilityThe relationship between total utility and marginal utility can be seen by c(a) and (b). Because the marginal utility becomes negative after five browsfalls after a certain number of brownies are eaten. To the left of the dashedand the total utility is rising in panel (a). Conversely, to the right of the dathe total utility is falling.Number ofbrownieseaten108956740312Total utility(utils)254560070757570604525Marginalutility(utils perbrownie)2520151050-5-10-15-20Utils80604020Utils perbrownieHow

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Answered: Total utility (utils) 0 25 45 60 70

Business

Economics

Total utility (utils) 0 25 45 60 70

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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How would I get Marginal utility and Total utility when I only have either or? Answering with the provided table as an example would be appreciated.

green curve) rises until it reaches 75, the rate of increase (that is, the
FIGURE 16.1
poids
Total Utility and Marginal Utility
The relationship between total utility and marginal utility can be seen by c
(a) and (b). Because the marginal utility becomes negative after five brows
falls after a certain number of brownies are eaten. To the left of the dashed
and the total utility is rising in panel (a). Conversely, to the right of the da
the total utility is falling.
Number of
brownies
eaten
10
8
9
5
6
7
4
0
3
1
2
Total utility
(utils)
25
45
60
0
70
75
75
70
60
45
25
Marginal
utility
(utils per
brownie)
25
20
15
10
5
0
-5
-10
-15
-20
Utils
80
60
40
20
Utils per
brownie
How

Definition Definition Satisfaction derived from the consumption of an additional unit of any commodity.

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Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to confirm the choice of phone minutes and round trips that maximize Jeremys utility.
Is it possible for total utility to increase while marginal utility diminishes? Explain.
Would you expect total utility to rise or fall with additional consumption of a good? Why?
If people do not have a complete mental picture of total utility for every level of consumption, how can they find their utility-maximizing consumption choice?
Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utilityâ€”maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.
Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a roundâ€”trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.