If this good is available for $0 (a free good), what is the maximum amount an individual would consume? _____ units. What is the marginal utility of this last unit? 0 untils. f) If this good is available for $0 (a free good), what is the maximum amount an individual would consume?marginal utility of this last unit?10 units. What is theO utils. Given the following diagram:Diminishing Marginal UtilityTOTAL AND MARGINAL UTILITYResetUTILITY CALCULATIONSTotal UtilityTotalQuantityConsumedMarginalUtility70Utility605022401.223018202401014540 1 2 34 5 67Quantity Consumed10Marginal Utility6420105702124-106.72-2-20770Quantity Consumed-6Quantity Consumed8.641234673.4.3.

Total utility is the total satisfaction attained by the consumer by consuming the good. Marginal…

Diminishing Marginal Utility TOTAL AND MARGINAL UTILITY Reset UTILITY CALCULATIONS Total Utility Marginal Utility Total Quantity Consumed 70 Utility 60 50 22 40 22 30 18 20 2 40 10 14 0 1 2 3 3 54 4 5 6 7 Quantity Consumed 10 Marginal Utility 4 64 20 10 5 70 2 1 2 3 4 5 -10 6 72 -2 -20 7 70 Quantity Consumed -6 Quantity Consumed 6. 6.

Diminishing Marginal Utility TOTAL AND MARGINAL UTILITY Reset UTILITY CALCULATIONS Total Utility Marginal Utility Total Quantity Consumed 70 Utility 60 50 22 40 22 30 18 20 2 40 10 14 0 1 2 3 3 54 4 5 6 7 Quantity Consumed 10 Marginal Utility 4 64 20 10 5 70 2 1 2 3 4 5 -10 6 72 -2 -20 7 70 Quantity Consumed -6 Quantity Consumed 6. 6.

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

If this good is available for $0 (a free good), what is the maximum amount an individual would consume? _____ units. What is the marginal utility of this last unit? 0 untils.

f) If this good is available for $0 (a free good), what is the maximum amount an individual would consume?
marginal utility of this last unit?
10 units. What is the
O utils.

Given the following diagram:
Diminishing Marginal Utility
TOTAL AND MARGINAL UTILITY
Reset
UTILITY CALCULATIONS
Total Utility
Total
Quantity
Consumed
Marginal
Utility
70
Utility
60
50
22
40
1.
22
30
18
20
2
40
10
14
54
0 1 2 3
4 5 6
7
Quantity Consumed
10
Marginal Utility
64
20
10
5
70
2
1
2
4
-10
6.
72
-2
-20
7
70
Quantity Consumed
-6
Quantity Consumed
8.
64
1
2
3
4
6
7
3.
4.
3.

Definition Definition Satisfaction derived from the consumption of an additional unit of any commodity.

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