what is the principle of utility

What are the 4 forms of utility? And explain what each one is.

The principle of diminishing marginal utility says that people don't enjoy consuming more of a good. True or False and Explain the choice

Who determines how much utility an individual will receive from consuming a good?

Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20 entry fee. Biff realizes there is very little chance that he will actually win the contest. He just likes the idea of being able to eat all the hot dogs he wants. The table below shows Biff’s utility from eating hot dogs.       a. Use the table below and fill in the values for marginal utility.   Hot Dogs and Biff's Utility Hot Dogs Total Utility (utils) Marginal Utility (utils) 5 48 — 6 52   7 54   8 55   9 54   10 51     b. Use the table to graph Biff's total utility and marginal utility for hot dogs.                 c. If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he will eat? What is the maximum level of utility Biff can reach from eating that number of hot dogs?        Optimal number of hot dogs:         Maximum utility:

The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $9.00, the price of popcorn is $3.00, and the price of Coke is $0.75. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Рорсorn Marginal Utility 192 Coke Quantity Marginal Utility 1 144 144 108 3 96 72 4 48 36 24 18 6. 12 Madison should buy boxes of popcorn and cans of Coke. (Enter your responses as integers.)

Question 2