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Author Question: How can you compute the total utility derived from consuming five hamburgers using marginal ... (Read 142 times)

jeatrice

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on: Jun 29, 2018
How can you compute the total utility derived from consuming five hamburgers using marginal utilities?
 
  What will be an ideal response?

Question 2

A technological change that increases productivity ________ marginal product and ________ marginal cost.
 
  A) increases; increases
  B) increases; decreases
  C) decreases; increases
  D) decreases; decreases


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peilian

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The total utility from consuming any product is the sum of the marginal utilities of each unit of the product. So, if the five hamburgers yielded marginal utilities of 12, 8, 7, 5, and 3, respectively, the total utility from hamburgers would equal 35.

Answer to Question 2

B


jeatrice

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Reply #2 on: Jun 29, 2018
Thank you :)


peilian

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Reply #3 on: Jun 29, 2018
Happy to help you


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