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Consumption Total Utility (TU) No Hot Dogs No Satisfaction 1 Hot Dog 7 TU 2 Hot Dogs 10 TU 3 Hot Dogs 12 TU 4

Consumption Total Utility (TU) No Hot Dogs No Satisfaction 1 Hot Dog 7 TU 2 Hot Dogs 10 TU 3 Hot Dogs 12 TU 4 Hot Dogs 9 TU 5 Hot Dogs 5 TU A. Calculate the marginal utility between the third and second hot dog in the following chart. (Complete sentences are not necessary). B. Explain the law of diminishing marginal utility and describe at what point in hot dog consumption this point has been reached. C. Is it possible for total utility to increase while marginal utility diminishes? Explain

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