1. Using the following information, calculate total utility and marginal utility. a. Plot the total utility curve. b. Plot marginal utility directly below total utility. c. At what marginal utility value does total utility reach a maximum? Number of utils for the first unit 300 Number of utils for the second unit 250 220 Number of utils for the third unit Number of utils for the fourth unit Number of utils for the fifth unit Number of utils for the sixth unit Number of utils for the seventh unit Number of utils for the eighth unit Number of utils for the ninth unit 160 100 50 20 -250

1. Using the following information, calculate total utility and marginal utility. a. Plot the total utility curve. b. Plot marginal utility directly below total utility. c. At what marginal utility value does total utility reach a maximum? Number of utils for the first unit 300 Number of utils for the second unit 250 220 Number of utils for the third unit Number of utils for the fourth unit Number of utils for the fifth unit Number of utils for the sixth unit Number of utils for the seventh unit Number of utils for the eighth unit Number of utils for the ninth unit 160 100 50 20 -250

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

make sure to include the formulas (to solve the problems), the steps of your calculations, and the explanation of your answers.

1. Using the following information, calculate total utility
and marginal utility.
a. Plot the total utility curve.
b. Plot marginal utility directly below total utility.
c. At what marginal utility value does total utility reach
a maximum?
Number of utils for the first unit
300
Number of utils for the second unit
250
Number of utils for the third unit
220
160
Number of utils for the fourth unit
Number of utils for the fifth unit
Number of utils for the sixth unit
Number of utils for the seventh unit
Number of utils for the eighth unit
Number of utils for the ninth unit
100
50
20
-250
rotal

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