QUESTION 12The tables below represent the utility that Bill receives from consuming widgets and zercs. For each of these products we observe thatas Bill consumes more of each, he experiences: (for the next question, you'll need to fill in the marginal utilities)WidgetsQ TU MU1 1002 180ZercsQ TU MU1 802 1503 2104 2603.2504 3005 3206 3307 3388 3455 3006 3307 3508 360Increasing total utility and increasing marginal utilityIncreasing total utility and diminishing marginal utilityDiminishing total utility and diminishing marginal utilityC.OD. Diminishing total utility and increasing marginal utiliky QUESTION 13Refer to question 12. If Bil's budget is 8 and the price of each product is 1, the utility maximizing combination of widgets and zercs would be:2 widgets and 6 zercs3 widgets and 5 zeres4 widgets and 4 zercsD.none of the above

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QUESTION 12 The tables below represent the utility that Bill receives from consuming widgets and zeres. For each of these products we observe that as Bill consumes more of each, he experiences: (for the next question, you'll need to fill in the marginal utilities) Widgets Q TU MU 1 100 2 180 3 250 4 300 Zercs Q TU MU 1 80 2 150 3 210 4 260 5 320 6 330 7 338 8 345 5 300 6 330 7 350 8 360 Increasing total utility and increasing marginal utility OA Increasing total utility and diminishing marginal utility CB. Diminishing total utility and diminishing marginal utility OD. Diminishing total utility and increasing marginal utilty

QUESTION 12 The tables below represent the utility that Bill receives from consuming widgets and zeres. For each of these products we observe that as Bill consumes more of each, he experiences: (for the next question, you'll need to fill in the marginal utilities) Widgets Q TU MU 1 100 2 180 3 250 4 300 Zercs Q TU MU 1 80 2 150 3 210 4 260 5 320 6 330 7 338 8 345 5 300 6 330 7 350 8 360 Increasing total utility and increasing marginal utility OA Increasing total utility and diminishing marginal utility CB. Diminishing total utility and diminishing marginal utility OD. Diminishing total utility and increasing marginal utilty

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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