Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all the available quantities on the to utility and marginal utility graphs. a) For the utility function above, if the price of the good is $4, what is the Marginal Utility per Dollar for the fourth unit consumed? 10 utils. b) For the utility function above, if the price of the good is $2, what is the Marginal Utility per Dollar for the second unit consumed? 22 utils. c) Would a rational consumer consume the eighth unit if it was free? No
Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all the available quantities on the to utility and marginal utility graphs. a) For the utility function above, if the price of the good is $4, what is the Marginal Utility per Dollar for the fourth unit consumed? 10 utils. b) For the utility function above, if the price of the good is $2, what is the Marginal Utility per Dollar for the second unit consumed? 22 utils. c) Would a rational consumer consume the eighth unit if it was free? No
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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