The total utility from consuming four units must equal the total utility from ingesting the fifth unit of a product, which is 6, if the total utility by consuming all five units is 162. 1. 168. 2.27. 3. 156. 4.972.

The total utility from consuming four units must equal the total utility from ingesting the fifth unit of a product, which is 6, if the total utility by consuming all five units is 162. 1. 168. 2.27. 3. 156. 4.972.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 3WNG

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Concept explainers

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.

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The total utility from consuming four units must equal the total utility from ingesting the fifth unit of a
product, which is 6, if the total utility by consuming all five units is 162.
1. 168.
2.27.
3. 156.
4.972.

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