Asked by Austin Braun on May 10, 2024
Verified
Suppose that the marginal utility of four units purchased is $10 and total utility is $53.If the marginal utility of the fifth unit purchased is $7,how much is the total utility of five units?
Marginal Utility
The extra pleasure or benefit gained by a consumer from using one more unit of a product or service.
Total Utility
The absolute gratification obtained from the utilization of a designated complete quantity of a good or service.
- Derive the sum total of utility from the presented data.
- Extract marginal utility through the analysis of transformations in total utility.
Verified Answer
AM
Learning Objectives
- Derive the sum total of utility from the presented data.
- Extract marginal utility through the analysis of transformations in total utility.
Related questions
Karen O'Brien Has the Demand Schedule for Grapefruit Shown in ...
Suppose That Your Demand Schedule for Jeans Is Shown in ...
Given the Information in the Table Below,find the Marginal Utility ...
If the Marginal Utility from Consuming the Fifth Unit of ...
If the Total Utility from Consuming Five Units of a ...