Suppose the seventh carrot you consume provides a marginal utility of 1 util and after eating the eighth carrot, you would have a total of 5 utils. If you consume the eighth carrot your marginal utility will decrease by 4 increase by 4 decrease by 1 increase by 1 not enough information to determine the answer.

Q: Explain and differentiate preference and utility.

A: Definitions: Financial specialists utilize the term utility to portray the satisfaction that a buyer…

Q: e following table lists the utility that Steve receives from consuming oranges at $0.50 apiece. hat…

A: Marginal utility refers to the change in the total utility when one additional unit of commodity is…

Q: Aria consumes only two goods, food and clothing. The marginal utility of the last dollar she spends…

A: Utility means satisfaction.Marginal utility is the utility derived from the consumption of an…

Q: John is maximizing utility when consuming two goods, French fries and hot dogs. If the marginal…

A: Utility Maximization is the situation where a consumer spend his all income on goods that maximise…

Q: Explain one difference and one example between the Cardinal utility and ordinal utility!

A: Cardinal utility is a Marshallian concept used along with an ordinal utility to gauge the…

Q: On Sunday afternoon, you have arrived for brunch, where you can choose from only two types of…

A: Marginal Utility is the quantity a consumer wants to consume and this utility keeps on decreasing…

Q: What is the marginal utility per dollar spent on the 6th strawberry? Which of the combinations of…

A: Utility shows the satisfaction.  MU is the marginal utility.  MU is calculated as the change in…

Q: What is the law of diminishing utility? Please explain with a few examples.

A: Law of diminishing marginal utility says that as we consume more and more units of same good then…

Q: The table below shows the relationship between the number of movies seen per month and the total…

A: Marginal utility defines the additional satisfaction or value a consumer derives from consuming one…

Q: If something has negative marginal utility, what happens to your total utilitywhen you consume it?

A: Marginal utility is defined as the utility gains after one more extra unit of consumption. It means…

Q: Which of the following choices best explains how marginal utility causes the average person to eat…

A: Marginal utility describes the extra benefit obtained from consuming one more item of a product. It…

Q: 2. Tom spends all his $100 weekly income on two goods, apples and bananas. His utility function is…

A: Utility maximization problem : With the given prices and the income, a consumer chooses his…

Q: How does utility theory differentiate a “need” from a “want”?

A: Utility alludes to the total fulfillment got from the utilization of a thing or service. As the…

Q: Marginal utility can be:             decreasing, but not negative.             positive, but not…

A: 1. Marginal utility can be C.Positive, negative or zero Marginal utility is an important concept…

Q: Would you expect marginal utility to rise or fall with additional consumption of a good? Why?

A: Marginal utility is the change in the total utility when a person consumes an additional unit of a…

Q: The table below shows the total utility from consuming different quantities of tacos. Use the…

A: In economics utility refers to benefit or enjoyment received from consumption of a good or service.…

Q: True/False Marginal utility keeps falling with the each additional consumption of a good or…

A: Economists uses the concept of marginal utility to determine how much of a product consumers are…

Q: ou are having lunch at an all-you-can-eat buffet. If you are rational, what should be your marginal…

A: 1. What is Marginal Utility?Marginal utility is the fulfillment or advantage you gain from devouring…

Q: A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of…

A: Every human has needs that must be met in order to improve their welfare as a whole. Utility is the…

Q: EXERCISE 6 If Ginna spends her entire budget, she could buy a chosen set of groceries and also buy…

A: Utility function : U(G , N ) = 30G + 2N  If Ginna Spends half of her budget (150/2 ) , she could buy…

Q: 11) A consumer's preferences for food (F) and clothing (C) are given by U(F,C) = F0.2C 0.8. The…

A: The consumer equilibrium is the point where the slope of budget line is equal to the slope of the…

Q: Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big…

A: PLease check the step 2 for solution

Q: What are the two conditions that are met if a consumer is maximizing utility?

A: A consumer is said to be in a state of equilibrium when he or she maximizes his utility, given…

Q: How does a consumer’s optimal choice of goods change if all prices and the consumer’s income double?

A: If prices and consumer’s income will be double then there is no effect in budget constraint and it…

Q: Question 15     Nadia says, "You would have to pay me L.E. 600 for me to be willing to attend that…

A: Given:  Condition- " You would have to pay me L.E. 600 for me to be willing to attend that concert".

Q: Justin Barlow, a careful maximizer of utility, consumes only two goods, Krispy Kreme Doughnuts and…

A: The law of demand is a law that states the relationship between price of a products and its demand.…

Q: xplain the difference between marginal utility and total utility

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: Question 8     The price of good X is $1.50 and that of good Y is $ 1.  A particular consumer who…

A: A consumer's increased enjoyment from having one more unit of an item or service is referred to as…

Q: Which of the following statement is TRUE Group of answer choices As the consumption of a good…

A: The question is asking us to identify the correct statement about the relationship between…

Q: Mylie's total utility from singing the same song over and over is 70 utils after one repetition, 110…

A: To find total utility, we find the difference in two successive TU for each additional repetition.…

Q: I can't take another bite relate to utility

A: Utility is the level of satisfaction that a person gets by consumption of a good.

Q: ACcoralng to the law of diminishing marginal utility, marginal utility of a good declines as more of…

A: Law of diminishing marginal utility says that as more and more units of a good is consumed then…