**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

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