ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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DmISIIng Margifal Otmty
n. TOTAL AND MARGINAL UTILITY
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E UTILITY CALCULATIONS
Total Utility
Quantity
Consumed
Total
Marginal
Utility
70
Utility
60
50
22
40
1
22
30
18
20
40
10
14
2
3
4
54
Quantity Consumed
10
Marginal Utility
4
64
20
6.
10
70
3.
6.
-10
6.
72
-20
-2
7
70
Quantity Consumed
Quantity Consumed
-6
8.
64
8
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Transcribed Image Text:DmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...
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Graphs - Diminishing Marginal Utility 6
20
6.
10
70
5.
6.
72
-10
-2
-20
7
70
Quantity Consumed
-6
Quantity Consumed
8
64
0.
1
6.
Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all the available quantities on the total
utility and marginal utility graphs.
a) What is the total utility of the first unit consumed?
utils.
b) What is the marginal utility of the first unit? utils.
c) What is the total utility of the first two units consumed?
utils.
d) What is the marginal utility of the second unit?
utils.
e) As the quantity consumed increases, the total utility is (Click to select) v while marginal utility is (Click to select) ♥
f) If this good is available for $0 (a free good), what is the maximum amount an individual would consume?
marginal utility of this last unit?
units. What is the
utils.
6,
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Transcribed Image Text:nheducation.com/ext/map/index.html?_con%3Dcon&external_browser3D0&launchUrl=https%253A%252F%252Flearn.wallacestate.edu%252Fwebapps%252Fblackbo. YouTube O Maps Saved Help Save Graphs - Diminishing Marginal Utility 6 20 6. 10 70 5. 6. 72 -10 -2 -20 7 70 Quantity Consumed -6 Quantity Consumed 8 64 0. 1 6. Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all the available quantities on the total utility and marginal utility graphs. a) What is the total utility of the first unit consumed? utils. b) What is the marginal utility of the first unit? utils. c) What is the total utility of the first two units consumed? utils. d) What is the marginal utility of the second unit? utils. e) As the quantity consumed increases, the total utility is (Click to select) v while marginal utility is (Click to select) ♥ f) If this good is available for $0 (a free good), what is the maximum amount an individual would consume? marginal utility of this last unit? units. What is the utils. 6,
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