Refer to the figure below. The marginal utility of consuming the 2nd apple is:| Number of Apples | Total Utility ||------------------|--------------|| 1 | 20 || 2 | 35 || 3 | 45 || 4 | 50 || 5 | 45 |Select one:a. 10 b. 15 c. 20 d. 35 **Explanation:**The marginal utility is the additional utility gained from consuming one more unit of a good. To find the marginal utility of consuming the 2nd apple, subtract the total utility of 1 apple from the total utility of 2 apples.- Total utility for 1 apple = 20- Total utility for 2 apples = 35Marginal Utility for the 2nd apple = 35 - 20 = 15The correct answer is b. 15.

Utility is the wants satisfying power of commodity , and the when person consume one more…

Answered: Refer to the figure below. The marginal…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Refer to the figure below. The marginal utility of consuming the 2nd apple is: Number of Apples Total Utility 1 20 35 3 45