Which of the following statements is true? Group of answer choices If the more is better assumption is satisfied, the marginal utility from consuming the second unit must be greater than the marginal utility from consuming the first unit. Marginal utility is the slope of total utility. If the more is better assumption is satisfied, total utility will increase as consumption increases. Marginal utility may be negative.

Q: Which statement BEST describes the principle of diminishing marginal utility? As an individual…

A: According to the law of diminishing marginal utility, as we consume more and more of a good then the…

Q: utilities provided by product. Select 3 correct answer(s) Question options:   Time Utility…

A: answer is given below

Q: Total utility is 0 when marginal utility is 0 True/False

A: # Utility is a concept which helps us calculate the satisfaction a consumer gets when a good or…

Q: The law of diminishing marginal utility      A) refers to the fall in additional satisfaction…

A: Marginal Utility refers to the additional satisfaction derived by the consumption of one more unit…

Q: Derive the Marginal utility function from the following Total Utility function: TU = 200Q – 25Q² +…

A: Microeconomics studies the economic behavior of the individual unit such as a firm, a market, a…

Q: Indifference curves are convex with respect to the origin. Thus they are steeper on the [Select ] v…

A: The indifference curve is the curve that exhibits equal utility to the consumer by the combination…

Q: Which of the following statements is true?     Total utility is the extra satisfaction from the…

A: Utility refers to the satisfaction received from consumption of a good or service. In other words,…

Q: Which statement BEST describes the principle of diminishing marginal utility?

A: C is the correct option and describes the principle of marginal utility.

Q: Which of the following statements is correct? ___ Marginal utility is the sum of total utility. ____…

A: Total utility is the total satisfaction derived from consuming a good.

Q: If the total utility from consuming seven units of a product is 336 and the marginal utility of a…

A: Total utility means the amount of total satisfaction that a consumer gets from consuming the goods.…

Q: When utility function  U(q1, q2)=min{ 25.6 q1,  12.5 q2} and  q1= 99 and q2= 198 are given, find…

A: The Utility function can be represented by   U(q1, q2)=min{ 25.6 q1,  12.5 q2} In general, if…

Q: 6)       According to the law of diminishing marginal utility, _________? A) Additional consumption…

A: Law of diminishing marginal Utility: It says that by consuming more goods marginal utility will…

Q: Assume that a combination of two goods reflects a point of tangency between the budget line and an…

A: In consumer theory, the combination of goods and services that a consumer can acquire for his or her…

Q: As an individual consumes more and more of a good, each additional unit brings about less and less…

A: Marginal Utility refers to the additional satisfaction derived from consumption of an additional…

Q: given the utility function U=150X+40X2-X3, derive average and marginal utility functions, Find the…

A: Answer: Given, Utility function: U=150X+40X2-X3 Average utility function (AUF): To find the average…

Q: Given the assumptions of the law of diminishing marginal utility (exactly the same product consumed…

A: Marginal utility (MU) is defined as the extra utility or benefit a consumer gets by consuming an…

Q: Consider the following utility function.   U=U(X,Y)=X0.2Y0.8   Find the marginal utilities.…

A: Utilty is defined as the satisfaction which the consumer gets by consuming the homogeneous units of…

Q: According to the law of diminishing marginal utility total utility will rise at a falling rate as…

A: Utility is described as the overall satisfaction a consumer feels after using a product or service.…

Q: Marginal utility is defined as the increment to total utility that results from the consumption of…

A: Meaning of Utility Function: The term utility function refers to the total utility for a consumer…

Q: Total utility is the addition of all the marginal utilities that an individual derives from…

A: The want satisfying power of a commodity is called utility. As per Marshallian theory of consumer,…

Q: Total utility is maximized when marginal utility becomes (positive, zero, negative)

A: The utility is a want satisfying power of a commodity. Marginal utility is the additional utility…

Q: 8)  When Marginal Utility = 0, Total Utility is A) Maximum B) Constant C) Minimum D) None of the…

A: Total Utility:-  The overall amount of contentment achieved by a consumer as a result of consuming a…

Q: When marginal utility is decreasing but positive, total utility is a increasing at a decreasing…

A: Marginal utility is the additional utility that is derived by consuming an additional unit of the…

Q: The marginal rate of substitution is the maximum number of units of good Y that the consumer would…

A: Option -: All of the above is correct The marginal rate of substitution is defined as the…

Q: When utility function  U(q1, q2)=min{ 34.6 q1,  17 q2} and  q1= 33 and q2= 60 are given, find…

A: A utility function represents the preferences of a consumer if the consumer has a preference…

Q: or the utility function (x^3)(z^2)Provide a positive linear transformation of the utility function,…

A: We are going to use log method to answer this question.

Q: If the marginal utility from consuming the sixth unit of a product is 8 and the total utility from…

A: The total utility is the total satisfaction received by consuming the goods and services. The…

Q: A consumer is in equilibrium and is spending income in such a way that the marginal utility of…

A: Here,

Q: The marginal utility of the 8th can of beer is

A: In economics, marginal utility refers to the additional satisfaction or benefit (utility) a buyer…

Q: A consumer has a Cobb-Douglas utility function and consumes two goods x and y. If the price of good…

A: In economics, Cobb-Douglas utility function is widely used to show the ordinary consumer…

Q: Select the true or false for the following statement also give the explanation and support your…

A: Utility refers to the total amount of satisfaction that derived from the consumption of goods and…

Q: A consumer chooses an optimal consumption point where the marginal rate of substitution equals the…

A: Budget line shows different combinations of goods that a consumer can purchase with the given budget…

Q: An individual has an income of 240 and finds his satisfaction by consuming goods x1 for 2$ and x2…

A: Utility refers to the satisfaction. The aim of consumer is to maximize the utility. Given the…

Q: Question 8 An optimizing consumer will select the consumption bundle in which the marginal rate of…

A: Marginal Rate of substitution is the volume of good that a consumer is willing to consume in…

Q: The total utility from two products is maximized at the optimal consumption bundle.   True or…

A: The measure that depicts the total satisfaction being derived by the consumer from the consumption…

Q: Which of the following statements is true? a. An indifference curve represents combinations of…

A: An indifference curve basically refers to a graphical depiction of a combination of two items that…

Q: The marginal utility for the sixth unit is:

A: Marginal utility:  The change in the utility from the increase in consumption of goods is marginal…

Q: Question 342. Under Marginal utility analysis, utility is assumed to be a A. Cardinal concept B.…

A: Marginal Utility can be referred to as the additional Utility obtained from the consumption of an…

Q: Suppose that at three units purchased, marginal utility is $8 and total utility is $30. If the…

A: Here, given information is, Marginal utility from three units: $8 Total utility from three units:…

Q: Supreme Court Justice Bret Kavanaugh likes beer. The first beer he drinks yields 20 utils; the…

A: Answer: option a (all of these) Explanation: Quantity of beer Marginal utility Total utility 1…

Q: Marginal utility analysis predicts a downward-sloping demand curve for good X because... a. As PX…

A: Answer in step 2

Q: As a person receives more of a good, the _______________ from each additional unit of the good…

A: Wants satisfying power of commodity called utility , here we choose the correct option and explain…

Q: Which of the following statements is correct? Multiple Choice   Marginal utility is the…

A: The measure that in turn depicts the total satisfaction that is being received from the consumption…

Q: Prove that the utility maximization conditions as suggested by the “marginal utility framework” are…

A: Individuals and organizations take a stab at the most significant level of pleasure from their…

Q: Diminishing Marginal Utility. Explain the law of diminishing marginal utility Discuss an instance…

A: The idea of marginal utility is used to measure how individuals' satisfaction levels affected their…

Q: Under Marginal utility analysis, utility is assumed to be a

A: Under Marginal utility analysis, utility is assumed to be which concept:

Q: Find the marginal utility of an additional unit of good z for a consumer with utility function = zi…

A: Marginal utility is the added satisfaction a consumer gets from having one more unit of a good or…

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.