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1. Using the following information, calculate total utility and marginal utility. a. Plot the total utility curve. b. Plot marginal utility directly below total utility. c. At what marginal utility value does total utility reach a maximum? Number of utils for the first unit 300 Number of utils for the second unit 250 220 Number of utils for the third unit Number of utils for the fourth unit Number of utils for the fifth unit Number of utils for the sixth unit Number of utils for the seventh unit Number of utils for the eighth unit Number of utils for the ninth unit 160 100 50 20 -250

1. Using the following information, calculate total utility and marginal utility. a. Plot the total utility curve. b. Plot marginal utility directly below total utility. c. At what marginal utility value does total utility reach a maximum? Number of utils for the first unit 300 Number of utils for the second unit 250 220 Number of utils for the third unit Number of utils for the fourth unit Number of utils for the fifth unit Number of utils for the sixth unit Number of utils for the seventh unit Number of utils for the eighth unit Number of utils for the ninth unit 160 100 50 20 -250

Economics:
Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter21: Demand: Consumer Choic
Section: Chapter Questions
Problem 1E
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1. Using the following information, calculate total utility and marginal utility. a. Plot the total utility curve. b. Plot marginal utility directly below total utility. c. At what marginal utility value does total utility reach a maximum? Number of utils for the first unit 300 Number of utils for the second unit 250 Number of utils for the third unit 220 160 Number of utils for the fourth unit Number of utils for the fifth unit Number of utils for the sixth unit Number of utils for the seventh unit Number of utils for the eighth unit Number of utils for the ninth unit 100 50 20 -250 rotal
Transcribed Image Text:1. Using the following information, calculate total utility and marginal utility. a. Plot the total utility curve. b. Plot marginal utility directly below total utility. c. At what marginal utility value does total utility reach a maximum? Number of utils for the first unit 300 Number of utils for the second unit 250 Number of utils for the third unit 220 160 Number of utils for the fourth unit Number of utils for the fifth unit Number of utils for the sixth unit Number of utils for the seventh unit Number of utils for the eighth unit Number of utils for the ninth unit 100 50 20 -250 rotal
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