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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

Fill in blanks A–D in the following table.

images

To determine

Identify the values of total utility and the marginal utility.

Explanation

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

Marginal utility=Change in total utilityChange in quantity (1)

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

Marginal utility=191021=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:

Total utility3units=Total utility2units+Marginal utility3units=19+8=27

Thus, at Point B, the total utility is 27

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