Microeconomics
Microeconomics
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?
Identify the marginal utility.
Marginal utility (MU) can be calculated using the following formula:
Since the value of the total utility of the 3rd unit of X is 26 and the total utility of 2nd unit is 19, the marginal utility of the third unit can be calculated using Equation-1 as follows:
Chapter 7 Solutions
Additional Business Solutions
Find more solutions based on key concepts
Show solutions add(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
What is investment? How is it related to national saving in a closed economy?
Principles of Macroeconomics (MindTap Course List)
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
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
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)
(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
