Compute the marginal utility of x

Assignment Help Econometrics

Reference no: EM131403781

The table below displays the total utility U(X ) that corresponds to the number of units of X consumed by three different consumers (Abe, Barbara, and Chuck), holding everything else constant:

a. Compute the marginal utility of X for each of the three consumers at each level of X.

b. Based on the data in the table, can you tell whether any of these consumers are violating any of the standard assumptions about preferences?

c. Is it possible that any of these three consumers have the exact same preferences, and that columns for the three consumers differ only because of the arbitrary units that are used to measure utility? Explain.

Reference no: EM131403781

Questions Cloud

How conditions of inequality based on social class : For this assignment, you are to write a 3-4 page research paper that discusses how conditions of inequality based on social class are manifested from the functionalist perspective

Strategies that vacationing homeowners : What are some of the strategies that vacationing homeowners might use in attempting to fool potential burglars into thinking they are not away on vacation?

Differentiate between internal and external secondary data : What are secondary data? Differentiate between internal and external secondary data.- Besides accounting and financial information, what are some of the other sources of internal secondary data?

Meaning of work for you or from other classes taken : How do we define work? What's the meaning of work for you or from other classes taken? Is housework typically thought of as work? How has that definition had to change to recognize the work women do? What was the feminists' contribution to define ..

Compute the marginal utility of x : Based on the data in the table, can you tell whether any of these consumers are violating any of the standard assumptions about preferences?

What kinds of external secondary data are readily available : Briefly, what kinds of information does the U.S. Department of Commerce provide in its Census of Population? In its Census of Housing?

What is data mining : What is data mining, and how can it be useful to a business or other organization? What are some of the analytical tools it employs?

Simmel notion of the stranger with du bois notion : Using at least two academic sources in addition to our text, compare and contrast Simmel's notion of the stranger with Du Bois's notion of double consciousness. What similarities do these concepts share? How are they different? Be sure to discuss ..

Thinking critically about secondary sources : Description: This assignment is designed to get you accustomed to finding library materials and thinking critically about secondary sources. It is hoped that by critiquing the work of others, you will become and even better critique of your own wo..

User Account

All Pages