Question
Question 4(2 marks) Refer to the information provided in Table 1 below to answer the question(s) that follow. Number of Hamburgers per Day Total Utility
Question 4(2 marks)
Refer to the information provided in Table 1 below to answer the question(s) that follow.
Number of Hamburgers per Day
Total Utility
Marginal Utility
Number of Hamburgers per Day
Total Utility
Marginal Utility
numbers of burgers per day - total utility - marginal utility
1 30
2 52
3 67
4 76
5 20 4
(a) Refer to Table 1. Calculate the marginal utility of the second hamburger per day.
=
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(b) Refer to Table 1. Calculate the marginal utility of the fourth hamburger per day
=
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Diminishing marginal utility sets in after how many hamburgers per day
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(d)What is the total utility of five hamburgers per day.
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Economics of Money, Banking and Financial Markets
Authors: Frederic S. Mishkin
9th Edition
978-0321607751, 9780321599797, 321607759, 0321599799, 978-0321598905
