Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 20, Problem 7WNG
To determine

The marginal utility curve and the total utility curve.

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Explain the relationship between marginal utility and the total utility with the help of a diagram.
Positive marginal utility is when the marginal utility increases the total utility whereas negative marginal utility is when the consumption of an additional unit reduces the amount of the total utility. Is it true or false?
Suppose you consume 3 pounds of beef and 5 pounds of pork per month. The price of beef is $1.50 per pound , and pork is $2.00 per pound. Assuming you have studied economics and achieved consumer equilibrium, what is the ratio of the marginal utility of beef for the marginal utility of pork?
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