Asked by Sichen Zhang on Jul 09, 2024
Verified
Her marginal utility of her fifth scented candle would be
A) $4.
B) $5.
C) $20.
D) $26.
E) $30.
Marginal Utility
The additional satisfaction or benefit received by consuming one more unit of a good or service.
Total Utility
The overall pleasure gained through consuming a certain volume of goods or services.
Scented Candles
Fragranced candles that release a pleasant aroma when lit, often used for decoration, lighting, or to create a calming atmosphere.
- Distinguish between total utility and marginal utility and their calculation.
Verified Answer
MC
Melinda CooperJul 13, 2024
Final Answer :
A
Explanation :
The marginal utility of the fifth scented candle is the additional utility she gains from consuming the fifth candle, which is represented by the price she is willing to pay for it, $4.
Learning Objectives
- Distinguish between total utility and marginal utility and their calculation.
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