Answered: Calculate the marginal utility of the…

Calculate the marginal utility of the 4th scoop of ice cream. Express your answer without units (e.g., if your answer is "20 utils", type "20" in the answer box). Type your answer... Nex

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 3WNG

See similar textbooks

Related questions

Q: How do your total and marginal utility change as you stay at home watching the same TV show (not…

A: The objective of the question is to understand how total and marginal utility change as a person…

Q: True/False Marginal utility keeps falling with the each additional consumption of a good or…

A: Economists uses the concept of marginal utility to determine how much of a product consumers are…

Q: What is marginal utility.

A: In economics, utility refers to the entire pleasure derived from the consumption of an item or…

Q: How do we measure utility? Explain

A: The utility is the want satisfying power of the commodity. The utility would result in the sense of…

Q: What does the assumption that More Is Better implies about Marginal Utility? Explain?

A: MU(marginal utility) is the change in TU(total utility) when an additional unit of good is consumed.…

Q: Total utility is the addition of all the marginal utilities that an individual derives from…

A: The want satisfying power of a commodity is called utility. As per Marshallian theory of consumer,…

Q: f the total utility of consuming the first three pieces of pizza were 50,80, and 95 respectively ,…

A: Total utility refers to the total satisfaction derived from consuming a good. It is measured in…

Q: How do indifference curves represent the consumer's preferences?

A: The indifference curve is a mathematical representation of the combination of all the consumption…

Q: Candy Chocolate Candy Total Utility (utils) 0 27 Bars 0 1 2 3 4 5 6 60 76 Marginal Utility (utils)…

A: Total utility is the total satisfaction a consumer is getting from consumption of a…

Q: When marginal utility is decreasing but positive, total utility is a increasing at a decreasing…

A: Marginal utility is the additional utility that is derived by consuming an additional unit of the…

Q: How to compute Marginal Utility.

A: Utility refers to the total amount of satisfaction derived from the consumption of a good or…

Q: Number of Units 1 W|N 2 3 4 Total Utility 40 80 140 182 222

A: Utility refers to the happiness or satisfaction that an individual get from the consumption of a…

Q: The marginal utility of the 8th can of beer is

A: In economics, marginal utility refers to the additional satisfaction or benefit (utility) a buyer…

Q: If marginal utility is declining but still positive, total utility is increasing. True or false…

A: The utility is the satisfaction received from consuming a good or service.

Q: Rick eats only french fries and burgers at his office cafeteria. His weekly lunch budget is $48.…

A: The utility is a subjective concept that denotes the want satisfying power of a commodity. An…

Q: If at a quantity consumed of 1 unit, total utility equals 25 and marginal utility equals 25, and at…

A: Given Total Utility when 1 unit is consumed TU(1)=25 Marginal utility of second unit MU(2)=20 Total…

Q: What is meant by form utility?

A: Utility is an economic term which refers to satisfaction.

Q: Marginal utility is equal to?

A: Utility It's a metric for assessing a person's level of satisfaction with the things they've…

Q: Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20…

A: The optimal choices made by the consumer depend on the possibilities and preferences of the…

Q: Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $4.00 and…

Q: How can one's choice of purchases/consumption be infuenced by utility or marginal utility?

A: Consumer choice is a basic of consumer choice theory. Which explains what will a consumer demand or…

Q: When does marginal utility become 1) Negative 2) zero Explain

A: According to the given question In the simple words we can say that the marginal utility is the…

Question

Refer to the table below, which presents information on the total utility Alice derives (expressed in utils) from consuming different amounts of ice cream.
Scoops of ice cream
Total utility (utils)
1
10
2
18
3
28
4
38
5
46
FI
Calculate the marginal utility of the 4th scoop of ice cream. Express your answer without units (e.g., if your answer is "20 utils", type "20" in the answer box).
Type your answer...
2
W
==
F2
3
E
80 F3
JAN
5
$
4
DOO
000 F4
R
%
5
T
F5
as
6
MacBook Air
F6
Y
&
7
F7
tv NA
U
► 11
8
F8
(
9
F9
O
1
O
W
F10
Aa
P
zoom
F11
*
Next
NA
F12

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Complete the following table. Instructions: Enter your answer for total utility as a whole number and your answer for marginal utility rounded to one decimal place. Units Total Marginal Utility Consumed Utility 10 32 3.2 20 2.8 30 86 40 111 50 2.4 60 158
The following table lists the utility that Steve receives from consuming oranges at $0.50 apiece. What is the marginal utility of increasing consumption from two to three oranges? Number of oranges Total utility 1 4 2 15 20 24 12 345
solve the question given in the image.
Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem, 27 units of marginal utility from her second poem, 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her first three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumbers consumed. A poem costs three bronze coins but a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the…
Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem, 27 units of marginal utility from her second poem, 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her first three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumbers consumed. A poem costs threebronzecoinsbutacucumbercostsonlyonebronze coin. Praxilla has 18 bronze coins. Sketch Praxilla’s budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems…
At a garage sale, Dominique purchases a sewing machine for $30 when she was willing to pay $55. If the sewing machine costs $200 new, Dominique's consumer surplus would be Select one: A. $120. В. $25. C. $170. O D. $0. OE. $145.
Praxilla who lived in ancient Greece derives utility from Reading poems and from eating cucumbers. Priscilla gets 30 units of marginal utility from her first poem, 27 units of marginal utility from her second poem, and so on with marginal utility declining by 3 units for each additional poem. Praxilla get 6 units of marginal utility for each of her first three cucumbers consumed, 5 units of marginal utility for each of her next three cucumbers consumed and so on with marginal utility declining by one for every three cucumbers consumed. A poem costs 3 Bronze coins but a cucumber cost only one bronze coin. Praxilla has 18 bronze coins. Create a table and identify her utility-maximizing Choice. compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds.
Think about a favorite thing you often buy or enjoy. It could be your favorite food, a favorite place to visit, a type of event, or something you make us part of a hobby. As part of this review you will create a chart ( just like the examples of total in marginal utility) showcasing the favorite item. Include the following information: How many you purchase or consume in the course of a day, week, or a month. Marginal utility of additional consumptions The total utility of all consumptions. Let’s assume that the largest utility you get from any one item is 20. Make it as interesting as you can by considering something that is important to you. Fill in the chart.
Image upload answer is not allowed please
Becky needs to decide how many cups of coffee and pieces of cake she will buy for a meeting with an office mate. She estimates her total utility for different quantities of coffee and cakes below. A cup of coffee is $1.00, and each piece of cake is $0.50. Becky has a total of $3 to spend. What is Becky's total utility if she buys 1 cup of coffee and 4 pieces of cake? Cups of Coffee 1 2 3 4 5 6 Utility from Consumption Pieces of Cake 1 2 3 4 5 6 A B C D Total Utility from Cups of Coffee 33 56 79 Total Utility from Pieces of Cake 15 32 48 63 77 90 Total Utility of Different Consumption Bundles Consumption Bundle Cups of Coffee Pieces of Cake Total Utility 3 0 2 2 1 4 0 6
solve both the questions in the image provided.
Rick eats only french fries and burgers at his office cafeteria. His weekly lunch budget is $48. Each burger costs $6 and each order of fries costs $3. When deciding how much of each good to buy, Rick knows that 2 burgers and 4 orders of french fries will give him a utility of 8. At his utility-maximizing point, Rick's utility is: