Help solve the following.,,,

Show your calculations where necessary.

1.Define marginal utility and total utility.

-Marginal utility is the change in total utility that results from a one-unit increase in the quantity of a good consumed.

-Total utility is the total benefit that a person gets from the consumption of goods and services.

2.What concept explains that I will enjoy the first taco more than the second taco?

3.As the quantity of a good consumed increases, what should happen to:

a.Total utility: As more of a good or service is consumed, total utility increases.

b.Marginal utility

It is the change in satisfaction that results from a one-unit increase in the quantity of a good consumed.

4.If the price of a good increases, what happens to the marginal utility per dollar?

5.Fred enjoys Tacos and Steaks. The table shows the total utility he gets from each good.

8) A price ceiling A) makes it illegal to charge a higher price than the specified price B) is more effective when it is higher C) is necessary to maintain market equilibrium D) occurs in housing markets only 9) A rent ceiling results in a shortage. As a result, which of the following do you expect? A) The shortage will persist as long as the ceiling is in effect. B) Discrimination as landlords choose their tenants, possibly based on race, age, or gender. C) A black market for apartments whereby higher rents are obtained through various other charges. D) All of the above would be expected. 10) A minimum wage set above the equilibrium wage I. increases the supply of labor. II. increases the quantity of labor supplied. III. decreases the demand for labor. A) I only B) II only C) I and II only D)I, II, and IIIQuantity of Total utility Quantity of Total utility tacos from tacos steaks from steaks C 25 100 45 190 60 270 4 70 4 340 75 5 400