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

See similar textbooks

Similar questions

Number of Units 1 23 4 5 6 Total Utility 40 80 140 182 222 230 Refer to the table. What is the marginal utility of the third unit?
The following table shows the total utility that Antonio receives from consuming different number of apples per week. What is his marginal utility from consuming the second apple? Quantity of Apples 01234 Total Utility 0 20 34 44 50 34 14 44 06 10
Positive marginal utility is when the marginal utility increases the total utility whereas negative marginal utility is when the consumption of an additional unit reduces the amount of the total utility. Is it true or false?
Jesse has a budget of $16 to spend on either ice cream or cookies at the movie theater. A scoop of ice cream costs $4 while cookies costs $2. Use the table below to identify the utility maximizing quantity of ice cream and cookies given Jesse’s budget constraint. HINT: Use utility maximizing formula, MU1/P1 = MU2/P2 Ice cream (Quantity) Total Utility Cookies (Quantity) Total Utility 1 8 1 20 2 12 2 35 3 24 3 56 4 30 4 60 5 32 5 62 6 35 6 68 Group of answer choices 2 ice cream and 4 cookies 1 ice cream and 5 cookies 3 ice cream and 6 cookies
The tables show the utility Parker experienced from consuming varying quantities of waffles and pancakes. Assume that waffles cost $2.00 each, pancakes cost $1.00 each, and that Parker has $8.00 to spend on these two goods. Since Parker cannot afford more than four waffles or eight pancakes, the utility is given only for quantities smaller than these. Quantity of waffles Total utility of waffles Marginal utility of waffles 1 100 100 2 180 80 3 240 60 4 270 30 Quantity of pancakes Total utility of pancakes Marginal utility of pancakes 1 40 40 2 70 30 3 90 20 4 105 15 5 115 10 6 120 5 7 123 3 8 125 2 Given his budget constraint, determine what quantities of waffles and pancakes Parker will consume to maximize utility. quantity of waffles: waffleswaffles quantity of pancakes: pancakes
If marginal utility is declining but still positive, total utility is increasing. True or false and explain
Refer to the following figure. Marginal Utility Marginal Utility (A) Avocados per week (C) Avocados per week Marginal Utility (B) Avocados per week Marginal Utility (D) Avocados per week Geri likes avocados; each additional avocado she consumes adds as much to her total utility as did the previous one. Which of the four graphs best represents Geri's marginal utility curve for avocados?
Im stuck on this one
Info in images
Which of the following statement is TRUE Group of answer choices As the consumption of a good increases, marginal utility rises, but total utility falls. As the consumption of a good increases, total utility falls and marginal utility falls. As the consumption of a good increases, total utility rises, but marginal utility falls.
The following table describes the utility that Greta gets from consuming Shiner Bock. Her marginal utility is maximized ___.
Gabriella obtains utility from consuming granola bars and cappuccino. The following table shows the total utility (TU) she obtains from consuming different amounts of the two goods. The price of a granola bar is $3 and the price of a cup of cappuccino is $2. She has allocated $9 to spend on granola bars and cappuccino. 1. Complete the table by calculating the marginal utility (MU) and the MU per dollar spent on each granola bar and cup of cappuccino. 2. What is Gabriella’s optimal consumption bundle of granola bars and cups of cappuccino?