The total utility schedule of Sharon is given below for the number of shoes she consumes. i. Calculate Sharon’s marginal utility schedule. ii. Plot a graph of total and marginal utility. iii. What is the maximum number of shoes that Sharon will consume? Explain
The total utility schedule of Sharon is given below for the number of shoes she consumes. i. Calculate Sharon’s marginal utility schedule. ii. Plot a graph of total and marginal utility. iii. What is the maximum number of shoes that Sharon will consume? Explain
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The total utility schedule of Sharon is given below for the number of shoes she
consumes.
i. Calculate Sharon’s
ii. Plot a graph of total and marginal utility.
iii. What is the maximum number of shoes that Sharon will consume?
Explain

Transcribed Image Text:Number of Shoes
1
2
3
4
5
6
7
8
Total Utility
100
200
275
325
350
360
360
355
Marginal Utility
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