Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Topic: Total and Marginal Utility I have given the answer options for the fill in the blank questions. I also need assistance with the graphs.

Topic: Total and Marginal Utility

I have given the answer options for the fill in the blank questions. I also need assistance with the graphs. Thanks in advance!

There is no more information I can give. I'm not sure what more information you want so if you could be specific I may be able to help.

image text in transcribedimage text in transcribed
2. Total and Marginal Utility Laurent enjoys going to watch football matches with a friend. The table that follows contains information on Laurent's utility from tickets (measured in utils). Fill in the three missing utils. Tickets (Pairs per season) Total Utility (Utils per season) Marginal Utility (Utils per pair) 18 18 15 N N 13 45 Answer options: -6, 6, 9, 10.5 54 60 63 Answer options: -3, 3, 0, 60 60 On the following graph, use the orange points (square symbol) to plot Laurent's total utility (TU) curve if he consumes 0, 1, 2, 3, 4, 5, 6, or 7 pairs of tickets per season. Line segments will automatically connect the points. Remember to plot from left to right. (?) Total Utility TOTAL UTILITY (Utils per season) 7 TICKETS (Pairs per season) 6:35 PM search O 2/12/2021TOT 10 TICKETS (Pairs per season) On the following graph, use the blue points (circle symbol) to plot Laurent's marginal utility (MU) curve from consuming his first seven pairs of tickets. Line segments will automatically connect the points. Remember to plot from left to right, and to plot between integers. For example, if Laurent's marginal utility from increasing his consumption from one pair to two pairs of tickets is X, then you would plot a point at (1.5, X). ? 21 O IPS Marginal Utility Marginal Utility (Utils per pair) TICKETS (Pairs per season) For Laurent, increasing his consumption of tickets results in_ marginal utility. Answer options: contstant, increasing, decreasing Whenever Laurent's marginal utility is , his total utility is upward sloping. Answer options: positive, negative, upward sloping, downward sloping Grade It Now Save & Continue Continue without saving search O 6:36 PM 2/12/2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Economics questions

Question

Prove that cautious waiting avoids deadlock.

Answered: 1 week ago