Which of the following defines marginal utility? a. the maximum amount of satisfaction from consuming a product b. the change in total utility divided by the price of a product c. the total satisfaction received from consuming as much of the product that is available for consumption d. the additional satisfaction received from consuming one more unit of a product

Which of the following defines marginal utility? a. the maximum amount of satisfaction from consuming a product b. the change in total utility divided by the price of a product c. the total satisfaction received from consuming as much of the product that is available for consumption d. the additional satisfaction received from consuming one more unit of a product

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.1P

See similar textbooks

Similar questions

___1. It is the satisfaction derived from the consumption of a commodity. A. Total utility C. Disutility B. Marginal utility D. Utility ___2. It is the change of total utility over the change of quantity. A. Total utility C. Disutility B. Marginal utility D. Utility ___3. It is the foregone value when a firm is engaged in production. A. Cost C. Revenue B. Profit D. Interest
What is the definition of marginal utility? A. The average utility from consuming a good or service multiplied by the number of units of that good or service consumed. B. Utility measured in utils. C. The utility from consuming a good or service divided by the number of units of that good or service consumed. D. The change in utility from consuming an additional unit of a good or service. E. The enjoyment or satisfaction people receive from consuming goods and services.
7) The law of diminishing marginal utility(a) refers to the decrease in total satisfaction as more units of the good areconsumed.(b) refers to the idea that total utility can be negative.(c) refers to the fall in additional satisfaction created by consumption of more andmore units of a good.(d) All of the above.
The marginal utility derived from the consumption of extra unit of commodity. True/False
Relationship Between the Consumer Demand Curve and Marginal Utility Discuss the impacts of marginal utility. Imagine that you are a seller of sunglasses: How can you increase the consumer demand curve by helping increase the marginal utility for consumers? Detail specific steps to take and provide examples.
Exhibit 6-7 Marginal utility for sandwiches and sodas Quantity Sandwiches Sodas 1 10 5 2 8 4 3 6 3 4 3 1 5 −1 0 Refer to Exhibit 6-7. Diminishing marginal utility for sandwiches sets in after the ____ sandwich. a. second b. fourth c. first
Number Consumed Total Utility Marginal Utility 0 0 1 9 2 19 3 27 4 35 5 42 6 42 7 40 Find Marginal utility for each one.
Explain: “The success of a new product depends not only on its marginal utility but also on its price.”
4 2. Complete the table. Use your results to answer the following questions. Units of product A Total utility Marginal utility 0 0 1 45 _____ 2 80 _____ 3 _____ 20 4 _____ 15 5 _____ 10 6 130 _____ 7 125 _____ 8 _____ −15
8) When Marginal Utility = 0, Total Utility is A) Maximum B) Constant C) Minimum D) None of the above
A consumer sets themselves a weekly budget of $15 for vegetables. They only eat carrots and peas. Peas cost $1.50 per pound and carrots cost $1.00 per pound. 2. Draw a budget line for the consumer showing his possible weekly consumption of peas and carrots. Label both axes with numbers and an axis title. Add a second line that shows what happens when carrots go on sale for $0.75 per pound. Upload your diagram. Please give typed answer ASAP with proper explanation of it. Will give you thumbs up only for the correct answer. Thank you .
Question 13 If the marginal utility of a commodity is zero, then: Total utility of this commodity has reached a maximum. The paradox of value must have been reached. The commodity in question has no utility, i.e. it’s not one that consumers want to use. Total utility for this commodity must be zero also.