Quantity Consumed 10 Marginal Utility 4 64 20 10 70 6 -10 72 -20 -2 70 Quantity Consumed Quantity Consumed -6 64 2 6 8 Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all the available quantities on the total 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? 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? utils. c) Would a rational consumer consume the eighth unit if it was free? (Click to select) v

Quantity Consumed 10 Marginal Utility 4 64 20 10 70 6 -10 72 -20 -2 70 Quantity Consumed Quantity Consumed -6 64 2 6 8 Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all the available quantities on the total 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? 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? utils. c) Would a rational consumer consume the eighth unit if it was free? (Click to select) v

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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