Refer to the following table. Suppose strawberries cost $1 and apples cost $2. SHow all the formulas used and your calculations.What is marginal utility (MU) of the 3rd apple?What is marginal utility (MU) of 6th strawberry?What is the marginal utility per dollar spent on the 3th apple?What is the marginal utility per dollar spent on the 6th strawberry?Which of the combinations of strawberries and apples satisfies the following rule? How do you know? Strawberries01234567Total Utility from consumption of Apples and StrawberriesConsumedTotal UtilityApples Consumed0713182225272801234567Total Utility014263644505456

Marginal utility is the change in utility with an additional unit of consumption. MU per dollar is…

Answered: Refer to the following table. Suppose…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the following table. Suppose strawberries cost $1 and apples cost $2. SHow all the formulas used and your calculations.

What is marginal utility (MU) of the 3rd apple?
What is marginal utility (MU) of 6th strawberry?
What is the marginal utility per dollar spent on the 3th apple?
What is the marginal utility per dollar spent on the 6th strawberry?
Which of the combinations of strawberries and apples satisfies the following rule? How do you know?

Strawberries
0
1
2
34567
Total Utility from consumption of Apples and Strawberries
Consumed
Total Utility
Apples Consumed
0
7
13
18
22
25
27
28
0
1
2
3
4567
Total Utility
0
14
26
36
44
50
54
56

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