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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

The marginal utility for the third unit of X is 60 utils, and the marginal utility for the fourth unit of X is 45 utils. If the law of diminishing marginal utility holds, what is the minimum total utility of X?

To determine

Identify the minimum total utility of X.

Explanation

The marginal utility (MU) for 3 units of X is 60 utils and the marginal utility of 4 units is 45 utils. The total utility is the sum total of utilities. Here, the utilities from 1 unit and 2 units are unknown. Therefore, the actual value of the total utility of X cannot state except that is higher than 105 (60 + 45) utils...

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