QUESTION 23QuantityPer Week01234 00 056789Amy05.09.914.719424.028.532937.2414Total UtilityDavid060012001800240030003600420048005400Robert0100190270340400450490520510Michelle06013022031042557590012751770Refer to the above table. Which of the four people have utility schedules characterized by the law of diminishing marginal utility?O Michelle and David onlyO Amy and Robert onlyMichelle onlyAmy, Robert, and David only

The consumers get additional satisfaction when consuming goods or services. It is calculated by…

QUESTION 23 Quantity Per Week 0 1 2 3 4 5 6 7 8 9 Amy 0 5.0 9.9 147 194 24.0 28.5 329 37.2 41.4 Total Utility O Michelle only Robert 0 100 190 270 340 400 450 490 520 510 David 0 Amy, Robert, and David only 600 1200 1800 2400 3000 3600 4200 4800 5400 Refer to the above table. Which of the four people have utility schedules characterized by the law of diminishing marginal utility? O Michelle and David only Amy and Robert only Michelle 0 60 130 220 310 425 575 900 1275 1770

QUESTION 23 Quantity Per Week 0 1 2 3 4 5 6 7 8 9 Amy 0 5.0 9.9 147 194 24.0 28.5 329 37.2 41.4 Total Utility O Michelle only Robert 0 100 190 270 340 400 450 490 520 510 David 0 Amy, Robert, and David only 600 1200 1800 2400 3000 3600 4200 4800 5400 Refer to the above table. Which of the four people have utility schedules characterized by the law of diminishing marginal utility? O Michelle and David only Amy and Robert only Michelle 0 60 130 220 310 425 575 900 1275 1770

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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