Which of the following statements is correct? ___ Marginal utility is the sum of total utility. ____ Total utility is the sum of marginal utilities. ____ Total utility is the product of multiplying price times marginal utility. ____ Total utility is the change in marginal utility as quantity consumed incr

Consider the figures to the right. Suppose that the individual currently consumes 5 digital apps. What happens to the person's total utility if they reduce their consumption to 4 units? Why does this fact imply that the marginal utility curve cuts through the horizontal axis of the lower figure between the fourth and fifth app consumed? Reducing consumption to 4 apps from 5 apps leaves total utility at utils in the upper , which is the figure. Hence, the marginal utility between these two quantities of apps equals value of the axis in the lower figure. Thus, the marginal utility curve crosses the axis of the lower figure between units 4 and 5. (Enter your responses as whole numbers.) Marginal Utility (utils per week) 6- 4- 22 Total Utility (utils + q r per week) 14- 12- 10- 20 ø Ø 18- 04 0 Downloaded Digital Apps Utilized per Week Downloaded Digital Apps Utilized per Week G Q

Bob consumes food and housing. Suppose his marginal utility from an additional unit of food is 20 and his marginal utility from an additional unit of housing is 180. Furthermore, suppose the price of a unit of food is $1.00 and the price of a unit of housing is $2.00. Can Bob increase his utility without changing his total expenditures on food and housing? Holding expenditures constant, A. Bob can increase utility by spending more on food and less on housing. B. Bob can increase utility by spending more on food and the same amount on housing. C. Bob can increase utility by spending less on food and more on housing. D. Bob cannot increase his utility. E. Bob can increase utility by spending more on food and more on housing.

The following table reflects the utility one receives from consuming a given product.      Units Consumed   Total Utility (TU)       Marginal Utility (MU)           0                                     0                              -------           1                                    60                              60           2                                  ____                            50           3                                  150                              ____           4                                  175                              ____           5                                  ____                            20           6                                  210                              ____   Complete the table solving for the missing total utility or marginal utility values in each           row. Total utility increases throughout the table. What rate does total utility increase?  In other       words, is it rising at an increasing rate, a…

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Total utility O diminished as the quantity of a good increases increases as long as more goods are acquired increases as long as marginal utility increases O increases as long as marginal utility is positive diminishes as consumption of some good rises

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

Lisa consumes only two goods, pizzas and burritos. In equilibrium, her marginal utility per slice of pizza is 10 and her marginal utility per burrito is 8. Instructions: Enter your answer rounded to two decimal places. If a slice of pizza costs $3, then the price of a burrito must be $

Which of the following statement is TRUE Group of answer choices As the consumption of a good increases, marginal utility rises, but total utility falls. As the consumption of a good increases, total utility falls and marginal utility falls. As the consumption of a good increases, total utility rises, but marginal utility falls.

Joe has $55 to spend on apples and oranges. Given the information in the following table, is Joe maximizing utility? Marginal Utility of Last Unit Product Price $0.50 Apples Oranges $0.75 Quantity 50 lbs. 40 lbs. Joe's marginal utility per dollar spent on apples is Joe's marginal utility per dollar spent on oranges is The total amount of his income Joes spends on apples and oranges is Total Utility 1,000 1,200 units of utility per dollar. units of utility per dollar. dollars. 20 30