Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 6.1, Problem 2YTE
To determine

The total utility.

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suppose the price per gallon of water is 1 cent and the price per carat of diamond is $10,000. Is the total utility of diamonds 10,000 times as great as the total utility received from water?
Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 40 62 72 76 76 Total utility of swimming ▸ Jenny pays $5 per hour to use the local swimming pool. What is her marginal utility per dollar for the first half hour of swimming?
Explain utility and its connection to consumer behavior
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