Homework Help is Here – Start Your Trial Now!
Business
Economics
Refer to the figure below. The marginal utility of consuming the 2nd apple is: Number of Apples Total Utility 1 20 35 3 45

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

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
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 = 35 Marginal Utility for the 2nd apple = 35 - 20 = 15 The correct answer is b. 15.
Transcribed Image Text: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 = 35 Marginal Utility for the 2nd apple = 35 - 20 = 15 The correct answer is b. 15.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS