Marginal utility O remains constant. is the level of satisfaction received from consuming an additional unit. O is found by taking the change in total utility and dividing it by the price O is always positive
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- Marginal utility remains constant. is the level of satisfaction received from consuming an additional unit. O is found by taking the change in total utility and dividing it by the price O is always positiveDmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...As more of a good is consumed in a given period, its... total utility remains constant total utility decreases then increases O marginal utility decreases O marginal utility increases
- Quèstion 16 Which of the following is NOT the goal of the consumer? O maximize utility O be on the highest indifference curve spend more income in the current time period than in the future O maximize satisfactionQuèstion 19 Total utility of a product is calculated by: O Summing the marginal utility for the first and the last unit consumed Summing the marginal utilities for each successive unit consumed O Multiplying marginal utility for each unit with its price O Dividing marginal utility by its priceBill gets 100 utils from eating one candy bar per day. He gets 120 utils from eating two candy bars per day. Calculate the marginal utility. O. 220 utils 100 utils 120 utils 20 utils Tamera calculates her utility for two hours of studying each day to be 300 utils. Her total utility for three hours is also 300 utils. Calculate the marginal utility. 300 utils 600 utils O 150 utils no marginal utility
- When diminishing returns are present in consumption, the relationship between total utility and marginal utility is as follows: O Total utility increases at a decreasing rate while marginal utility decreases Total utility increases at an increasing rate while marginal utility increases Total utility increases at an increasing rate while marginal utility decreases Total utility decreases at a decreasing rate while marginal utility increases. TOTAL AND MARGINAL UTILITY E UTILITY CALCULATIONS Reset Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 2 40 10 14 3 4 6 8 3 54 Quantity Consumed Marginal Utility 10 20 4 64 6. 10 70 4 6. -10 72 -20 -2 Quantity Consumed 70 Quantity Consumed -6 8 64 2. 4 6 8QUESTION 34 Which of the following statements is false? O a. Marginal utility may be negative. Ob. If the more is better assumption is satisfied, the marginal utility from consuming the second unit must be greater than the marginal utility from cons Oc. If the more is better assumption is satisfied, total utility will increase as consumption increases. d. Marginal utility is the slope of total utility QUESTION 35
- Number of Sodas per day Total Utility Marginal Utility 1 20 2 35 3 47 12 4 10 5 7 Diminishing marginal utility sets in after the per day. O First Second O Third O Fourth FifthQuestion 1 Which of the following statements is NOT true? O Total utility is the satisfaction from the entire consumption of a good O Marginal utility is the additional satisfaction from consuming the last unit of a good Utility measures the satisfaction obtainefrom a good Both represent the satisfaction obtained from most all goods and servicesLaw of equi marginal utility is an important law of cardinal utility analysis. Explain this law with the help of its assumptions. Also explain the mechanism that how the total utility will be maximum at a point when the marginal utilities of both the goods become equal. Furthermore, there is a relationship between total and marginal utilities where they both pass through different stages when the consumer continues his or her consumption regularly. Describe this case briefly