Marginal utility is the OA. overall satisfaction obtained from consuming a good OB. additional satisfaction obtained from consuming one more unit of a good OC. average satisfaction obtained from consuming a good O D. the change in satisfaction obtained from consuming 1 percent more of a good O E. additional cost of one more unit of a good

Marginal utility is the OA. overall satisfaction obtained from consuming a good OB. additional satisfaction obtained from consuming one more unit of a good OC. average satisfaction obtained from consuming a good O D. the change in satisfaction obtained from consuming 1 percent more of a good O E. additional cost of one more unit of a good

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.2P

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Is it possible for total utility to increase while marginal utility diminishes? Explain.
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When given the marginal utility of the first five units of a product, we can calculate the total utility by a. finding the difference between the fourth and fifth units. b. finding the difference between the first and fifth units. c. looking at the marginal utility of the fifth unit. d. adding the fourth and fifth units. e. adding the marginal utilities of the first five units
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What is the definition of marginal utility? A. The average utility from consuming a good or service multiplied by the number of units of that good or service consumed. B. Utility measured in utils. C. The utility from consuming a good or service divided by the number of units of that good or service consumed. D. The change in utility from consuming an additional unit of a good or service. E. The enjoyment or satisfaction people receive from consuming goods and services.
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If we have money, we buy goods and services to satisfy our needs. In economics, thesatisfaction that we get from the consumption of goods and services is called utility. Usea utility graph to explain what happen to the utility when you keep on increasing thenumber of units consumed. Also explain what happens to the utility when you keep onincreasing the number of units consumed. Also explain what happens to the additionalutility (i.e. additional satisfaction) when you increase your consumption by one unit
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25. What does a negative marginal utility means? Why does it happen? Explain.
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