Chapter 20, Problem 2WNG

### Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

Chapter
Section

### Economics (MindTap Course List)

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

# Fill in blanks A–D in the following table.

To determine

Identify the values of total utility and the marginal utility.

Explanation

Marginal utility (MU) can calculated using the following formula:

MarginalÂ utility=ChangeÂ inÂ totalÂ utilityChangeÂ inÂ quantity (1)

Substitute the respective values from the given table in Equation-1, to get the value of MU at Point A as follows:

MarginalÂ utility=19âˆ’102âˆ’1=91=9

Thus, MU at Point A is 9.

The value of total utility at Point B, or at 3 units can be calculated as follows:

TotalÂ utility3units=TotalÂ utility2units+MarginalÂ utility3units=19+8=27

Thus, at Point B, the total utility is 27

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