The marginal utilities associated with the first 5 units of consumption of good Y are 15, 15, 10, 7, and 3, respectively. What is the total utility associated with those 5 units? 50 5 12 35
The marginal utilities associated with the first 5 units of consumption of good Y are 15, 15, 10, 7, and 3, respectively. What is the total utility associated with those 5 units? 50 5 12 35
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
1-The marginal utilities associated with the first 5 units of consumption of good Y are 15, 15, 10, 7, and 3, respectively. What is the total utility associated with those 5 units?
50
5
12
35
2-Consumer equilibrium occurs when: 1. the entire budget is spent; 2.
only 3 is correct
only 1 and 2 are correct
only 1 and 3 are correct
all 1, 2 and 3 are correct
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