**Question 19**| Slices of Pizza | Total Utility | Marginal Utility ||-----------------|---------------|------------------|| 0 | 0 | - || 1 | 20 | 20 || 2 | 50 | 30 || 3 | | 20 || 4 | | 10 || 5 | | 0 |In the above table, the total utility of three slices of pizza is:- ( ) 70- ( ) 20- ( ) 80- ( ) 50**Explanation:**The table illustrates the relationship between the number of pizza slices and the corresponding total and marginal utility. 1. **Total Utility**: The satisfaction or benefit received from consuming a certain number of pizza slices.2. **Marginal Utility**: The additional utility derived from consuming an extra slice of pizza.To find the total utility for three slices:- Start with 50 utility for 2 slices.- Add 20 marginal utility for the 3rd slice.Thus, total utility for three slices is 70.

Total utility(TU) refers to the total amount(A) of satisfaction received from the consumption(C) of…

Answered: Total Utility Marginal Utility Slices…

Total Utility Marginal Utility Slices of Pizza 0. 20 50 1. 20 3. 10 In the above table, the total utility of three slices of pizza is 70. 20. 80. 50

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

Im stuck on this one
Mike is a jellyfish wrangler. In June and July he spent his budget on fish tanks and wet suits. Each fish tank cost $50 and each wet suit cost $100. At Mike's optimal choice, his marginal utility from the last fish tank purchased is 200. This means that his marginal utility from the last wet suit purchased is:
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.
U(x, y) = xayb A consumer maximises utility subject to a budget constraint M = Pxx+Pyy Where px is the price of good x, py is the price of good y and M is the budget available. a. Derive an expression for the marginal utility of x. Under what condition is the marginal utility diminishing. b. Derive an expression for the marginal utility of y. Under what condition is the marginal utility diminishing.
The following table describes the utility that Greta gets from consuming Shiner Bock. Her marginal utility is maximized ___.
n individual is given $10 to be spent on either oranges or apples. Price of an apple is $ 1 and price of an orange is $2. The marginal utilities derived from each product are as follows: USE BLANK COLUMNS AS NEEDED. 2 # units MU of apple MU of orange 1 60 150 2 50 140 3 40 120 4 30 100 5 20 80 6 10 70 7 5 50 8 0 20 a) The combination that maximizes total utility is: number of apples number of oranges b) If oranges price decreased to $1each and apples still cost $1 each. Given $10 of budget. The combination that maximizes total utility is: number of apples c) Draw the demand curve for oranges number of oranges
If the total utilities for the fifth and sixth units of a good consumed are 98 and 115 respectively. The marginal utility for the sixth unit is:
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?
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.
Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $4.00 and $2.00 respectively. What is the marginal utility per dollar spent for the fourth burger?
Jackie has a budget of $36 per month to spend on snacks. She can spend this budget on bags of potato chips (C) and Hershey chocolate bars (H). Potato chips cost $4 per bag, while Hershey bars cost $1 per bar. The utility that Jackie receives from consuming potato chips and Hershey bars is represented by the following utility function: U=3C2 H. Given that Jackie seeks to maximize her utility, find the number of potato chip bags and Hershey chocolate bars that Jackie will purchase each month.