Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the diminishing marginal utility example from the video you just watch and record your results.It doesn't matter if you use cookies, candy, soda, or

Complete the diminishing marginal utility example from the video you just watch and record your results.It doesn't matter if you use cookies, candy, soda, or another type of food or drink (no alcoholic beverages or any food/drink that you might be allergic too), just make sure you have enough on hand to record how much additional utility each bite or drink gave you.Hint: when

Make sure each bite or drink is homogeneous - the same size and kind the previous bite or drink.Don't cheat though - don't add another food or beverage in to the activity.Continue with the activity until your total utility declines or you consume 10 units of the product - normally this takes students at least six units of the product.

On a sheet of paper, make sure to record your results and answer the following questions.

  1. What item did you use to complete the activity?
  2. Make a table with three columns, showing the number of units that you consumed, the marginal utility that each unit provided and the total utility gained from the activity.Your table should resemble the table below but will have more rows: Quantity (number of units) Marginal Utility Total Utility 0 xxx
  3. 1
  4. 2
  5. 3
  6. 4
  7. n
  8. Using two graphs vertically place (this means one graph is above the other and the x-axis should line up vertically for the two graphs), diagram your total utility for the activity and your marginal utility for each unit consumed (see the video again if you need an example of how to diagram this in two vertical panels).
  9. Did you marginal utility become negative - why or why not?
  10. Give an example of a holiday where you have experienced decreasing and/or negative marginal utility.What happened for you to experience this?

https://www.youtube.com/watch?v=KOUJEyy48qY

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mining And The State In Brazilian Development

Authors: Gail D Triner

1st Edition

1317323580, 9781317323587

More Books

Students also viewed these Economics questions

Question

Determine working capital.

Answered: 1 week ago

Question

How does the concept of hegemony relate to culture?

Answered: 1 week ago