Suppose you and your friend go out for dinner. Your friend orders a cheeseburger and fries. When your food first arrives, you ask your friend if you can have one of his fries. He looks at you like you are crazy and says, "No!" Then a few minutes later, after you both have started eating, you ask again, and your friend reluctantly says, "Sure. Go ahead." An economist's explanation for your friend's change of heart is most likely to be that: Your friend's total utility declines as he eats more fries, so he's more likely to share with you after he's eaten a few.Your friend's marginal utility from eating additional fries declines as he eats more of them, so he's more likely to share with you after he's eaten a few.Your friend's total utility increases as he eats more fries, so he's more likely to share with you after he's eaten a few.Your friend's marginal utility from eating additional fries increases as he eats more of them, so he's more likely to share with you after he's eaten a few.

Total and marginal utility concepts emerged in the late 1800s, credited to economists and political…

Answered: Suppose you and your friend go out for…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose you and your friend go out for dinner. Your friend orders a cheeseburger and fries. When your food first arrives, you ask your friend if you can have one of his fries. He looks at you like you are crazy and says, "No!" Then a few minutes later, after you both have started eating, you ask again, and your friend reluctantly says, "Sure. Go ahead."

An economist's explanation for your friend's change of heart is most likely to be that:

Your friend's total utility declines as he eats more fries, so he's more likely to share with you after he's eaten a few.
Your friend's marginal utility from eating additional fries declines as he eats more of them, so he's more likely to share with you after he's eaten a few.
Your friend's total utility increases as he eats more fries, so he's more likely to share with you after he's eaten a few.
Your friend's marginal utility from eating additional fries increases as he eats more of them, so he's more likely to share with you after he's eaten a few.

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