Chapter ? Marginal Utility 2. Suppose you really, really like ice cream. You adore ice cream. Does the laviir of diminishing marginal utilityr apply to your ice cream consumption? 3. Do you tend to get more food at a fixedprice buffet (Golden Corral) or when ordering from a menu? Is there a reason why you might get more at one than the other? 4. The table shows the total utility Joseph derives from eating pizza in the evening while studying. Pieces of pizzafevening Total Utility ID i] 30 43 60 TD TE ED TE: *slmtl'l-b-WNH a. How much marginal utility does Joseph derive from the third piece of pizza? h. After eating how many pieces of pizza does marginal utility start to decline? c. If the pizza were free, what is the maximum number of pieces Joseph would eat in an evening? d. After eating how many pieces of pizza does totalI utility start to decline {negative marginal utility? 5. Suppose the marginal utility of good A is 20 and its price is $4. and the marginal utility of good E is 5|] and its price is $5. The individual to whom this information applies is spending $2!) on each good. Is he or she maximizing satisfaction? If not. what should the individual do to increase total satisfaction? [Suppose the marginal product of unskilled workers is 2G and their wage is $4. The marginal product of skilled workers is 5G and their wage is $5. If we're spending $2tlu'hour on each type of worker. are we minimizing our production costs?)