### Consumer Utility Schedule Analysis: Candy BarsThe table below displays the utility schedule for a consumer in relation to their consumption of candy bars.| Candy Bars Consumed | Total Utility ||---------------------|---------------|| 0 | 0 || 1 | 5 || 2 | 9 || 3 | 12 || 4 | 14 || 5 | 15 || 6 | 15 || 7 | 13 |### InterpretationBased on the data provided in this table, we can analyze the utility gained from the consumption of candy bars.### Multiple Choice QuestionBased on the data in the above table, you can conclude that the:- [x] total utility of 2 units is 4 utils.- [ ] marginal utility of the fourth unit is 14 utils.- [ ] marginal utility of the third unit is 4 utils.- [ ] marginal utility of the sixth unit is 0 utils.### ExplanationThe table above lists the total utility gained from the consumption of varying quantities of candy bars. "Total utility" refers to the cumulative satisfaction or benefit a consumer gains by consuming a certain number of candy bars. The values are measured in "utils," a hypothetical unit of satisfaction.#### Detailed Analysis- **Total Utility of 2 Units**: The correct response to the multiple-choice question is actually incorrect. According to the table, the total utility gained from consuming 2 candy bars is 9 utils, not 4 utils.- **Marginal Utility**: This is defined as the additional utility gained from consuming an additional unit of a good. For instance, the marginal utility of consuming the third candy bar is $ 12 - 9 = 3 $ utils.A careful review of the different values across the table helps in understanding consumer behavior in relation to increasing consumption of candy bars and how their satisfaction evolves with each additional unit consumed.

The given table provide information about the total utility or total satisfaction an individual gets…

The table below shows the utility schedule for a consumer of candy bars. Candy Bars Consumed 0 1 2 3 4 5 6 7 Total Utility 0 5 9 12 14 15 15 13 Based on the data in the above table you can conclude that the

The table below shows the utility schedule for a consumer of candy bars. Candy Bars Consumed 0 1 2 3 4 5 6 7 Total Utility 0 5 9 12 14 15 15 13 Based on the data in the above table you can conclude that the

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Question

### Consumer Utility Schedule Analysis: Candy Bars

The table below displays the utility schedule for a consumer in relation to their consumption of candy bars.

| Candy Bars Consumed | Total Utility |
|---------------------|---------------|
| 0 | 0 |
| 1 | 5 |
| 2 | 9 |
| 3 | 12 |
| 4 | 14 |
| 5 | 15 |
| 6 | 15 |
| 7 | 13 |

### Interpretation
Based on the data provided in this table, we can analyze the utility gained from the consumption of candy bars.

### Multiple Choice Question

Based on the data in the above table, you can conclude that the:

- [x] total utility of 2 units is 4 utils.
- [ ] marginal utility of the fourth unit is 14 utils.
- [ ] marginal utility of the third unit is 4 utils.
- [ ] marginal utility of the sixth unit is 0 utils.

### Explanation
The table above lists the total utility gained from the consumption of varying quantities of candy bars. "Total utility" refers to the cumulative satisfaction or benefit a consumer gains by consuming a certain number of candy bars. The values are measured in "utils," a hypothetical unit of satisfaction.

#### Detailed Analysis
- **Total Utility of 2 Units**: The correct response to the multiple-choice question is actually incorrect. According to the table, the total utility gained from consuming 2 candy bars is 9 utils, not 4 utils.
- **Marginal Utility**: This is defined as the additional utility gained from consuming an additional unit of a good. For instance, the marginal utility of consuming the third candy bar is $ 12 - 9 = 3 $ utils.

A careful review of the different values across the table helps in understanding consumer behavior in relation to increasing consumption of candy bars and how their satisfaction evolves with each additional unit consumed.

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