Answered: Think about a favorite thing you often…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Think about a favorite thing you often buy or enjoy. It could be your favorite food, a favorite place to visit, a type of event, or something you make us part of a hobby. As part of this review you will create a chart ( just like the examples of total in marginal utility) showcasing the favorite item. Include the following information: How many you purchase or consume in the course of a day, week, or a month. Marginal utility of additional consumptions The total utility of all consumptions. Let’s assume that the largest utility you get from any one item is 20. Make it as interesting as you can by considering something that is important to you. Fill in the chart.

**Complete the Charts**

**Instructions:**
Think about a favorite thing you often buy or enjoy. It could be a favorite food, a favorite place to visit, a type of event, or something you make as part of a hobby. As part of this review, you will create a chart (just like the examples of total and marginal utility) showcasing the favorite item. Include the following information:

- How many you purchase or consume in the course of a day, week, or month (your choice).
- Marginal utility of additional "consumptions."
- The total utility of all "consumptions."

Let's assume that the largest utility you get from any one item is 20. Make it as interesting as you can by considering something that is important to you.

**Example Table:**

| Quantity | Total Utility | Marginal Utility |
|----------|---------------|------------------|
| 0 | 0 | 0 |
| 1 | | |
| 2 | | |
| 3 | | |
| 4 | | |

**Graphing Instructions:**
Now, draw two graphs and identify these four points for consideration:

- Identify the y-axis (units).
- Identify the x-axis (quantity).
- Properly identify the curve at its endpoint. This is where marginal utility reaches 0.
- Identify the subject of each graph—one of total utility and one of marginal utility. Show the chart and graphs to your teacher.

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