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Chapter 20: Q.10 (page 452)

Draw a marginal utility curve corresponding to the total utility curve depicted in Problem 20-9.

Short Answer

Expert verified

a marginal utility curve corresponding to the total utility curve has been drawn.

Step by step solution

01

Given Information

Marginal utility is the additional fulfilment a shopper gets from having another unit of a decent or administration. The idea of marginal utility is utilized by financial analysts to decide the amount of a thing buyers will buy. The law of decreasing marginal utility is frequently used to legitimize moderate charges.

02

Explanation

We know,

Marginal utility is calculated by

Marginal Utility=Change in No, of Units ConsumedChange in Total Utility=鈭�T鈭�Q

We get the table,

Drawing the graph from the values we have,

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Most popular questions from this chapter

Using the indifference curve diagram you constructed in Problem F-4, add in Sue's budget constraint using the information in Problem F-5. Illustrate the utility-maximizing combination of bottled water and soft drinks.

Why might two people diagnosed with exactly the same type of pain-inducing physical problem opt to place different levels of daily stress on their bodies?

At a consumer optimum involving goods Aand B, the marginal utility of good Ais 2utils, and the marginal utility of good Bis 8utils. How much greater or smaller is the price of good B compared with the price of good A?

Using your answer to Problem F-8, draw Sue's demand curve for soft drinks.

At the optimal quantities of digital apps and portable power banks determined in your answer to Problem 20-21, after rounding to the nearest 10 cents, is the $ 26 income all spent at the new consumer optimum?
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