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- Please Show Each and Every Working VERY CLEARLY! utilityTotal utilitythis week you have gone to two parties. assume the total utility you gained from these parties is 100 utils. then you go to a third party, and your total utility rises to 110 utils. what is the marginal utility of the third party attended per week? given the law of diminishing marginal utility, what will happen to total utility and marginal utility when you go to a fourth party this week?
- Think about a favorite thing you often buy or enjoy. It could be your favorite food, a favorite place to visit, a type of event, or something you make us part of a hobby. As part of this review you will create a chart ( just like the examples of total in marginal utility) showcasing the favorite item. Include the following information: How many you purchase or consume in the course of a day, week, or a month. Marginal utility of additional consumptions The total utility of all consumptions. Let’s assume that the largest utility you get from any one item is 20. Make it as interesting as you can by considering something that is important to you. Fill in the chart. T/F Explain A consumer’s budget line is kinked towards the origin (i.e., the kink is pointing towards the origin) if this consumer faces a lower price per unit of x as more x is consumed.how the concept of diminimishing matginal ulitily leads to folks allocating their income to a varied market basket of goods?
