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Total and Marginal Utility

Complete the following table and answer the problems below:
Units Consumed Total Utility Marginal Utility
0 0 .
1 10 10
2 . 8
3 25
4 30 .
5 . 3
6 34 .

1. At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know?

2. "A rational consumer will purchase only 1 unit of the product represented by these data, since that amount maximizes marginal utility." Do you agree? describe why or why not.

3. "It is possible that a rational consumer will not purchase any units of the product represented by these data." Do you agree? describe why or why not.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M927629

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