Business
EconomicsMicroeconomicsThe total utilities of the first 5 units of good X are 10,19, 26, 33, and 40 utils, respectively. In other words, the total utility of 1 unit is 10 utils, the total utility of 2 units is 19 utils, and so on. What is the marginal utility of the third unit?
close solutoin list

The total utilities of the first 5 units of good X are 10,19, 26, 33, and 40 utils, respectively. In other words, the total utility of 1 unit is 10 utils, the total utility of 2 units is 19 utils, and so on. What is the marginal utility of the third unit?

BuyFind

Microeconomics

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617406
BuyFind

Microeconomics

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617406

Solutions

Chapter
Section
Problem 1QP
Problem 2QP
Problem 3QP
Problem 4QP
Problem 5QP
Problem 6QP
Problem 7QP
Problem 8QP
Problem 9QP
Problem 10QP
Problem 11QP
Problem 12QP
Problem 13QP
Problem 14QP
Problem 15QP
Problem 16QP
Problem 1WNG
Problem 2WNG
Problem 3WNG
Problem 4WNG
Problem 5WNG
Problem 6WNG
Problem 7WNG
Chapter 7, Problem 3WNG
Textbook Problem

The total utilities of the first 5 units of good X are 10,19, 26, 33, and 40 utils, respectively. In other words, the total utility of 1 unit is 10 utils, the total utility of 2 units is 19 utils, and so on. What is the marginal utility of the third unit?

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.See solution
Chapter 7,
Problem 2WNG
Chapter 7,
Problem 4WNG

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 7 Solutions

Microeconomics
Show all chapter solutions
Ch. 7.1 - State and solve the diamondwater paradox.Ch. 7.1 - What does falling total utility imply for marginal...Ch. 7.1 - When would a goods total utility and marginal...Ch. 7.2 - Alessandro purchases two goods, X and Y, and the...Ch. 7.2 - In a two-good world (goods A and B), what does it...Ch. 7.3 - Brandons grandmother is very cautious about...Ch. 7.3 - Summarize David Friedmans explanation of the...Ch. 7 - Give a numerical example that illustrates total...Ch. 7 - The law of diminishing marginal utility is...Ch. 7 - If we take 1 away from a rich person and give it...
Ch. 7 - Is it possible to get so much of a good that it...Ch. 7 - If a person consumes fewer units of a good, will...Ch. 7 - The marginal utility of good A is 4 utils, and its...Ch. 7 - Individuals who buy second homes usually spend...Ch. 7 - Describe five everyday examples of you or someone...Ch. 7 - Is there a logical link between the law of demand...Ch. 7 - List five sets of two goods each (i.e., each set...Ch. 7 - Do you think that people with high IQs are in...Ch. 7 - What is the endowment effect?Ch. 7 - After each toss of a coin, one person has more...Ch. 7 - How is buying a house in a good school district...Ch. 7 - Of two similar houses on a street, one faces the...Ch. 7 - What is framing, and what effect can it have on...Ch. 7 - The marginal utility for the third unit of X is 60...Ch. 7 - Fill in blanks AD in the following table.Ch. 7 - The total utilities of the first 5 units of good X...Ch. 7 - Use the following table to answer Questions 4 and...Ch. 7 - Given the number of units of each good that George...Ch. 7 - Draw the marginal utility curve for a good that...Ch. 7 - The marginal utility curve for units 35 of good X...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
(Cross-Price Elasticity) Rank the following in order of increasing (from negative to positive) cross-price elas...

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

What are the two subfields into which economics is divided? Explain what each subfield studies.

Principles of Microeconomics (MindTap Course List)

If price is not the rationing device used, then individuals wont have as sharp an incentive to produce. Explain...

Macroeconomics

Approximately how long does it take a change in monetary policy to influence aggregate demand? a. 1 month b. 6 ...

Principles of Economics (MindTap Course List)

Key Concept: Command economy Which of the following statements is true about a command economy? a. Shortages oc...

Economics For Today

(Consumer Surplus) Suppose supply of a good is perfectly elastic at a price of $5.The market demand curve for t...

ECON MICRO

What is investment? How is it related to national saving in a closed economy?

Principles of Macroeconomics (MindTap Course List)

(Shifts of Aggregate Demand) Assume the simple spending multiplier equals 3. Determine the size and direction o...

ECON MACRO

What might motivate a central banker to cause a political business cycle? What does the political business cycl...

Brief Principles of Macroeconomics (MindTap Course List)

How are monopolistically competitive firms and perfectly competitive firms similar? Why dont monopolistically c...

Exploring Economics

“The poor will always be with us.” Does this statement have different meanings depending on whether poverty is ...

Economics:

Explain whether each of the following government activities is motivated by a concern about equality or a conce...

Essentials of Economics (MindTap Course List)

Pew Research Center is a nonpartisan polling organization that provides information about issues, attitudes, an...

Statistics for Business & Economics, Revised (MindTap Course List)

Suppose that the economy is self-regulating, that the price level is 110, that the quantity demanded of Real GD...

Economics (MindTap Course List)

The Kroger Company is one of the largest grocery retailers in the United States, with over 2000 grocery stores ...

STATISTICS F/BUSINESS+ECONOMICS-TEXT

If the price of imported French wine rises, is the CPI or the GDP deflator affected more? Why?

Principles of Macroeconomics (MindTap Course List)

How do GAAP and IFRS differ in the reporting of interest expense on the statement of cash flows?

Intermediate Accounting: Reporting And Analysis

What is a model? How is modeling a database or information system useful and important from a business or accou...

Accounting Information Systems

What is an industrial value chain? Explain why a firms strategies are tied to what happens in the rest of the v...

Cornerstones of Cost Management (Cornerstones Series)

You are unemployed, 21 years old, and searching for a job. Until you accept a job offer, the following situatio...

Practical Management Science

Why do some firms no longer rely only on competitive bidding when awarding purchase contracts?

Purchasing and Supply Chain Management

Which of the following is not an internal control for preventing or detecting payroll fraud? a. Having only one...

College Accounting (Book Only): A Career Approach

Describe the growing importance of mobile research

MKTG 12:STUDENT ED.-TEXT

Correct the number usage in the following sentences taken from a letter or a report. The question was answered ...

Bcom

SECURITY MARKET LINE You plan to invest in the Kish Hedge Fund, which has total capital of 500 million invested...

Fundamentals of Financial Management (MindTap Course List)

Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of 2,400 this week. Additi...

PAYROLL ACCT.,2019 ED.(LL)-TEXT

What is a "replacement chain"? When and how should replacement chains be used in capital budgeting?

Fundamentals of Financial Management (MindTap Course List)

The following is an excerpt from a conversation between the store manager of Wholesome Grocery Stores, Kara Dah...

Financial Accounting

What are cookies, and why are they used?

Accounting Information Systems

If we document a system with a systems flowchart and data flow diagrams, we have overdocumented the system. Dis...

Pkg Acc Infor Systems MS VISIO CD

Instructions 1.Label each element of the balanced scorecard. 2.Describe in words the relationships illustrated ...

Financial And Managerial Accounting

Beta pf CPB company Beta of the MSI Company is 0.19. The beta of TIF Company is 1.76. Repeat the same exercise ...

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

If the effect of the debit portion of an adjusting entry is to increase the balance of an asset account, which ...

Accounting (Text Only)

On Martin Luther King Jr. Da four Oklahoma State University students tweeted a group seUle; two of the students...

Essentials of Business Communication (MindTap Course List)

What are generally accepted accounting principles (GAAP)?

College Accounting, Chapters 1-27

Comparing inventory ratios for three companies The general merchandise retail industry has a number of .segment...

Financial & Managerial Accounting

The No-Show Consultant94 Jeffery Moses was facing one of the toughest decisions of his short career as a manage...

Management, Loose-Leaf Version

Accrued product warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product wa...

Corporate Financial Accounting

Why is a product-oriented layout preferred by lean manufacturers over a process-oriented layout?

Financial & Managerial Accounting

Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count rev...

College Accounting (Book Only): A Career Approach

Compare the three principal methods of collecting primary marketing research data.

Contemporary Marketing

Standards for nonmanufacturing expenses The Radiology Department provides imaging services for Northeast Washin...

Survey of Accounting (Accounting I)

PREFERRED STOCK VALUATION Ezzell Corporation issued perpetual preferred stock with a 10% annual dividend. The s...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

If the net income for the current year had been 196,400 in Exercise 3-23, what would have been the correct net ...

Financial Accounting

Identify the general categories of products.

Foundations of Business (MindTap Course List)

Analyze Amazon.com Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United Sutes. Amazons income...

Corporate Financial Accounting

What is the useful life of an asset?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Classifying cash flows Identify whether each of the following would be reported as an operating, investing, or ...

Accounting

(Appendix 4A) Journal Entries Yurman Inc. uses a job-order costing system. During the month of May, the followi...

Managerial Accounting: The Cornerstone of Business Decision-Making

According to the Coase Theorem, the private sector can achieve social efficiency if the government a. establish...

Micro Economics For Today

If the Fed shifts to a more restrictive monetary policy, it will generally sell some of its current holdings of...

Economics: Private and Public Choice (MindTap Course List)

The interest rates charged on outstanding credit card balances are generally higher than the interest rate that...

Microeconomics: Private and Public Choice (MindTap Course List)

What is the major function of the middleman? Would people be better off if there were no middlemen? Why or why ...

Macroeconomics: Private and Public Choice (MindTap Course List)

Deadweight loss is the result of a. disequilibrium. b. underproduction. c. overproduction. d. all of the above.

MACROECONOMICS FOR TODAY

A firms quick ratio is typically computed as: a. (Cash + Marketable Securities - Accounts Receivable) + Current...

Cornerstones of Financial Accounting

For each of the following items, circle either (a) or (b). In some cases, both (a) and (b) may apply to you. Yo...

Understanding Management (MindTap Course List)

On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, ...

Managerial Accounting

bartleby
  • Contact Research (Essays)
  • High School Textbooks
  • Literature Guides
  • Essay Help
  • Mobile App
    • © 2021 bartleby. All Rights Reserved.