Question 3 This schedule relates to celebration of 25th birthday of Lovina, a student of Valley View University. She has only a purse of $38 for the celebration of the event given the prices of ice-cream and chocolate as $2 and 4 respectively. Quantity Total Utility Marginal Utility Total Utility Marginal Utility Chocolate Ice-cream Ice-cream Chocolate 1 18 30 2 32 56 3 44 78 4 54 96 5 62 110 6 68 118 7 72 124 a. Copy and complete the utility schedule 1 b. State mathematically the condition for attainment of maximum satisfaction by this student c. State the law of diminishing marginal utility

Question 3 This schedule relates to celebration of 25th birthday of Lovina, a student of Valley View University. She has only a purse of $38 for the celebration of the event given the prices of ice-cream and chocolate as $2 and 4 respectively. Quantity Total Utility Marginal Utility Total Utility Marginal Utility Chocolate Ice-cream Ice-cream Chocolate 1 18 30 2 32 56 3 44 78 4 54 96 5 62 110 6 68 118 7 72 124 a. Copy and complete the utility schedule 1 b. State mathematically the condition for attainment of maximum satisfaction by this student c. State the law of diminishing marginal utility

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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