The table below shows the relationship between the number of movies seen per month and the total utility received.Fill in marginal utility in the table below. (Enter your responses as integers.)| Movies | Total Utility | Marginal Utility ||--------|---------------|-----------------|| 0 | 0 | - || 1 | 24 | || 2 | 40 | || 3 | 48 | || 4 | 52 | || 5 | 54 | |In this example, consuming additional movies ______ the law of diminishing marginal utility. [Dropdown options: "illustrates", "does not illustrate"]### Explanation:- **Total Utility** increases with each additional movie watched, but at a decreasing rate.- **Marginal Utility** refers to the additional utility gained from consuming one more unit, in this case, one more movie.- **Law of Diminishing Marginal Utility** suggests that as more of a good is consumed, the additional satisfaction gained from consuming each additional unit tends to decrease.To complete the table, calculate the Marginal Utility for each number of movies by finding the difference in Total Utility between consecutive rows.

Marginal Utility is the additional satisfaction derived by consuming additional unit of a given…

The table below shows the relationship between the number of movies seen per month and the total utility received. Fill in marginal utility in the table below. (Enter your responses as integers.) Movies Total Utility Marginal Utility 1 24 2 40 3 48 52 54 In this example, consuming additional movies the law of diminishing marginal utility. illustrates does not illustrate OOODO

The table below shows the relationship between the number of movies seen per month and the total utility received. Fill in marginal utility in the table below. (Enter your responses as integers.) Movies Total Utility Marginal Utility 1 24 2 40 3 48 52 54 In this example, consuming additional movies the law of diminishing marginal utility. illustrates does not illustrate OOODO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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