### Introduction to Marginal Utility#### Understanding Marginal Utility Using Thanksgiving DinnerThe table below demonstrates the total utility Terrence derives from eating different quantities of plates of Thanksgiving dinner. The goal is to calculate the marginal utility for each plate and then graph the total utility and marginal utility (with the total utility graph above the marginal utility graph — lining up the quantity of plates on the horizontal axis).#### Table of Total Utility and Marginal Utility| Quantity of Plates | Total Utility from Plates | Marginal Utility from Plates ||--------------------|---------------------------|------------------------------|| 1 | 250 | || 2 | 380 | || 3 | 425 | || 4 | 375 | || 5 | 300 | |#### Steps to Calculate Marginal Utility:To compute the marginal utility for each additional plate:- **Marginal Utility** is the additional satisfaction (utility) a person gets from having one more unit of a good or service. It can be calculated using the formula:\[ MU_n = TU_n - TU_{n-1} \]where $ MU_n $ is the marginal utility from the nth plate, $ TU_n $ is the total utility from the nth plate, and $ TU_{n-1} $ is the total utility from the (n-1)th plate.Let's calculate the marginal utilities:1. **From Plate 1 to Plate 2:**\[ MU_2 = TU_2 - TU_1 \]\[ MU_2 = 380 - 250 = 130 \]2. **From Plate 2 to Plate 3:**\[ MU_3 = TU_3 - TU_2 \]\[ MU_3 = 425 - 380 = 45 \]3. **From Plate 3 to Plate 4:**\[ MU_4 = TU_4 - TU_3 \]\[ MU_4 = 375 - 425 = -50 \]4. **From Plate 4 to Plate 5:**\[ MU_5 = TU_5 - TU_4 \]\[ MU_5 = 300 - 375 = -75 \]Now, the updated table becomes:| Quantity of Plates | Total Utility from Plates | Marginal Utility from Plates ||--------------------|---------------------------|------------------------------||

When economic agents take part in the production process, they get an income in exchange for labour.…

3. The table below demonstrates the total utility Terrence derives from eating different quantities of plates of thanksgiving dinner. Calculate the marginal utility for each plate then graph the total utility and marginal utility (with total utility graph above the marginal utility graph - lining up the Qty). Quantity of Total Utility from Plates Marginal Utility from Plates Plates 1 250 380 3 425 4. 375 300 2.

3. The table below demonstrates the total utility Terrence derives from eating different quantities of plates of thanksgiving dinner. Calculate the marginal utility for each plate then graph the total utility and marginal utility (with total utility graph above the marginal utility graph - lining up the Qty). Quantity of Total Utility from Plates Marginal Utility from Plates Plates 1 250 380 3 425 4. 375 300 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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