wo parts to one question. i need help checking my answers. thank you! Suppose that Wendy gets 15 units of utility from one muffin and 23 units of utility from two muffins. The principle ofdiminishing marginal utility implies that Wendy's total utility from three muffins will beunits of utility.O exactly 8less than 8more than 31less than 31 Assume a consumer buys only chocolate chip muffins and falafel and that the price of a chocolate chip muffin is $2, theprice of a falafel is $6, and the marginal utility of the last chocolate chip muffin consumed is 12. If the consumer ispurchasing the optimal consumption bundle, the marginal utility of the last falafel consumed is:24.12.36..

(1) The Principle of diminishing marginal utility says as we keep consuming units of a good, the…

Suppose that Wendy gets 15 units of utility from one muffin and 23 units of utility from two muffins. The principle of diminishing marginal utility implies that Wendy's total utility from three muffins will be units of utility. O exactly 8 O less than 8 more than 31

Suppose that Wendy gets 15 units of utility from one muffin and 23 units of utility from two muffins. The principle of diminishing marginal utility implies that Wendy's total utility from three muffins will be units of utility. O exactly 8 O less than 8 more than 31

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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