2. Total and marginal net utility The following table shows Cho's total utility from eating cakes. Quantity (Q) Total Utility (Cakes per month) (TU, $) Marginal Utility (MU, $) 0 0 1 10 2 18 3 25 4 29 5 30 6 26 If cakes were free, Cho would choose to eat cakes per month. Now (and for the rest of the question), assume that cakes cost $3 each. On the following graph, use the green points (triangle symbols) to plot Cho's total utility if she buys 0, 1, 2, 3, 4, 5, or 6 cakes per month. Then use the purple points (diamond symbols) to plot her total net utility (that is, total utility minus total expenditure) for those same quantities. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Remember to plot from left to right. Hint: Don't forget to include what happens at 0 cakes!

2. Total and marginal net utility The following table shows Cho's total utility from eating cakes. Quantity (Q) Total Utility (Cakes per month) (TU, $) Marginal Utility (MU, $) 0 0 1 10 2 18 3 25 4 29 5 30 6 26 If cakes were free, Cho would choose to eat cakes per month. Now (and for the rest of the question), assume that cakes cost $3 each. On the following graph, use the green points (triangle symbols) to plot Cho's total utility if she buys 0, 1, 2, 3, 4, 5, or 6 cakes per month. Then use the purple points (diamond symbols) to plot her total net utility (that is, total utility minus total expenditure) for those same quantities. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Remember to plot from left to right. Hint: Don't forget to include what happens at 0 cakes!

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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