Use the following diagram to answer the questions below about marginal and total utility for the consumption
Question:
Use the following diagram to answer the questions below about marginal and total utility for the consumption of Good X.
a. What is the total utility of consuming 500 units of the good? 600 units? 700 units?
b. How does the marginal utility of the 100th unit compare to that for the 200th or 500th? How do you know?
c. How is the law of diminishing marginal utility demonstrated in this diagram?
d. What is the marginal utility of consuming Good X when total utility is at its maximum?
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Step by Step Answer:
a From the figure it is clear that total utility when consumption is 500 units is 75 At 600 units it ...View the full answer
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