The following table shows the total utility gained from the consumption of Fanta Lemon in a week.   Quantity 1 2 3 4 5 6 7 Total utility  20 35 45 53 58 58 48   (i) Calculate the marginal utility. What do you observe? (ii) Sketch the total utility and marginal utility curves. (iii) If the price of Fanta Lemon increases from `Rs.8 to `Rs.10, how will it affect its consumption? Explain your answer using the data above.

Q: Complete the following table and answer the questions below: Units Consumed Total Utility Marginal…

A: Total utility  is the total amount of happiness a consumer derives from a good at any particular…

Q: 1.Briefly discuss the law of diminishing marginal utility.

A: The law states that when the consumption 9f a commodity keeps on increasing,  marginal utility of…

Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Utility maximization was first developed by utilitarian philosophers Jeremy Bentham and John Stewart…

Q: Lee has calculated her marginal utility from buying pizza slices and soda (shown on the table in the…

A: The price of pizza is $2.00 The price of soda is $2.00

Q: Burritos Quantity per week 0 1 2 3 5 6 Total utility 0 21 39 54 63 69 72 Quantity per week 0 1 2345O…

A: Total utility refers to the overall satisfaction or pleasure that a consumer derives from consuming…

Q: Q2. You drink only Coffee or Orange juice Price of Coffee Marginal Utility of Coffee (for (dollars…

A: Part a) MU per dollar for coffee = MU of coffee / price of coffee = 60/3= 20.

Q: Use the following table showing the marginal utility schedules for product X and product Y for an…

A: “Since you have posted multiple questions, we will provide the solution only to the specified…

Q: Explain why it is that as the consumer purchases more of a good, her marginal utility falls while…

A: Utility: - Utility is the satisfaction derived by any consumer by consuming a good or service.

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: 1. Based on the table below describe Marginal Utility and Diminishing Marginal Utility? What happens…

A: The utility is a term that is used to measure satisfaction or happiness in terms of economics. There…

Q: Explain the difference between the following concepts: Cardinal and ordinal measures of utility…

A: The utility is the wants satisfying power of a product.  A consumer uses goods or services because…

Q: Suppose one have a budget of $1000. The price of one unit of X is $20 and the price of one Unit of Y…

A: Thus, the consumer can purchase 50 units of X, or 100 units of Y, or some allocation in between.…

Q: additive utility O ignoring sunk cost rational optimization diminishing marginal utility

A: Utility, in the context of economics, describes the satisfaction, happiness, or well-being that an…

Q: Explain three assumptions about the properties of consumers’ preferences.

A: Consumer preferences are defined as the tastes of people which is measured through utility. Consumer…

Q: Explain the law of marginal utility. What is its importance in understanding the preference of…

A: Utility refers to the usefulness or value of a product or service to a consumer. It can also refer…

Q: 3. Given the following box, calculate marginal utility. Plot total and marginal utility. Units of…

A: marginal utility measures the additional utility attained when an additional unit is consumed.

Q: et us consider the case of Saiful who derives positive marginal utility from consuming apples. In…

A: Total utility refers to the total amount of satisfaction or fulfilment gained by a consumer as a…

Q: The table below shows the amount of total utility Cal gets from playing his favorite video game…

A: Marginal utility can be defined as the additional utility that a consumer would get by consuming…

Q: Explain the correlation between marginal utility and consumer's

A:

Q: Candy Chocolate Candy Total Utility (utils) 0 27 Bars 0 1 2 3 4 5 6 60 76 Marginal Utility (utils)…

A: Total utility is the total satisfaction a consumer is getting from consumption of  a…

Q: Use the Law of Diminishing Marginal Utility to discuss why Market Demand has to have a downward…

A: Utility is the satisfaction  derive by consuming goods and services. And due to law of diminishing…

Q: Question 8 Total Utility Oranges Marginal Utility Total Utility Oranges Marginal Utility Lemons…

A: Marginal utility refers to an additional utility with one more unit of good or service consumed.

Q: ос

A: Utility maximizing condition at given budget constraints Slope of Budget line= Slope of indifference…

Q: hat would be the answer

A: Utility maximising condition: Slope of Indifference Curve = Slope of Price Ratio Marginal Rate of…

Q: Analyze the graph below, and answer the following; (Graph on Total Utility and Marginal Utility) TU,…

A: Utility: Utility for a consumer can simply be defined as the want-satisfying power that a good…

Q: Find the missing marginal utility: Quantity 3 8 Total Utility 30 55 67 Marginal Utility 10 5 |12 4…

A: Utility: - Utility is the satisfaction derived by any consumer by consuming a good or service.

Q: Exercise 1: If you know that Hind has a weekly income of 52 riyals and can spend the entire income…

A: All commodity bundles with the same utility level are shown by the utility function. A graphical…

Q: Explain the relationship between marginal utility and the total utility with the help of a diagram.

A: In economics, utility refers to the satisfaction that an individual receives from the consumption of…

Q: Define and explain the relationship between total utility, marginal utility, and the law of…

A: Law of diminishing marginal utility states as other factors are constant, rise in consumption will…

Q: ing ligu K (B) Avocados per week (A) Avocados per week (C) Avocados per week Marginal Utility…

A: Utility refers to the happiness or satisfaction that an individual get from the consumption of a…

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: Info in images

A: Answer: (1). Given, Lisa's marginal utility per slice of pizza=20 Her marginal utility per…

Q: O D. The marginal utility of the 80th unit is less than that of the 120th because the graph…

A: Utility is the satisfaction level which is measured in utils derived from the consumption and it…