### Consumer Utility from Consuming Fish and ChipsThe following table depicts a consumer's utility from consuming two goods, Fish and Chips. Utility is a measure of satisfaction or happiness that a consumer derives from consuming a certain amount of goods.#### Table of Utility from Fish and Chips| Units of Fish | Utility from Fish | Units of Chips | Utility from Chips ||---------------|-------------------|----------------|--------------------|| 0 | 0 | 0 | 0 || 1 | 6 | 1 | 3 || 2 | 11 | 2 | 7 || 3 | 14 | 3 | 12 || 4 | 15 | 4 | 18 |Given this table, additional units of Fish or Chips consumed by the consumer lead to additional utility, but at a varying rate.#### Marginal Utility Calculation**Marginal Utility** is the additional satisfaction (utility) a consumer gains from consuming one more unit of a good. To calculate the consumer's marginal utility from the 3rd unit of Chips:1. **Identify Utility from 2nd and 3rd unit of Chips:** - Utility from 3 units of Chips = 12 units - Utility from 2 units of Chips = 7 units2. **Calculate the Marginal Utility:** \[ \text{Marginal Utility from 3rd unit of Chips} = \text{Utility from 3 units of Chips} - \text{Utility from 2 units of Chips} \] \[ \text{Marginal Utility from 3rd unit of Chips} = 12 - 7 = 5 \]Therefore, the consumer's marginal utility from the 3rd unit of Chips they consume is **5**.#### Education Note:Understanding utility and marginal utility is crucial in economics for analyzing consumer choice and behavior. It helps in determining how consumers allocate their limited resources to maximize their overall satisfaction.

marginal utility depicts an additional satisfaction attained by the consumer when he consumes one…

Answered: he following table depicts a consumer's…

he following table depicts a consumer's utility from consuming two goods, Fish and Chips. Units of Fish Utility from Fish Units of Chips Utility from Chips 1 6 11 2 7 3 14 3 12 4 15 4 18

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ECON Questions 5, 6, 7, and 8 How to solve and answer these economics questions showed in the screenshot?
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