1. In a year, Tony streams 50 movies at $3 each and pays $50 for 10,000 gallons...
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1. In a year, Tony streams 50 movies at $3 each and pays $50 for 10,000 gallons of tap water. Tony is maximizing total utility. If Tony’s marginal utility from water is 0.5 unit per gallon, what is his marginal utility from a movie?
2. Over the years, Americans have spent a smaller percentage of income on food and a larger percentage on cars. Explain the paradox of value.
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1 Marginal utility from a movie 3 Marginal utility from a gallon of tap water 05 So the marginal ...View the full answer
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