Reference no: EM131296685
Calculate marginal utility (MU) by finding the change in utility when income changes. For example, when income changes from $0 to $10,000 total utility changes from 800 to 850, which is a change of 50. Remember that we plot marginal values between the two quantities (in this case, of income) so plot the 50 between $0 and $10,000 on the horizontal axis. Follow the same procedure for the rest of the data using the multipoint plotting tool and then label the curve MU. For further review, go to Chapter 20; Section: The Economics of Risk Aversion.
Carmen works part-time as a dental hygenist. Given the following information, calculate Carmen's marginal utility associated with the different income levels.
Use the multi-point line tool along with your calculations to graph Carmen's marginal utility (MU) curve. Hint: make sure to plot a point for each income level listed in the table, with the exception of I=$0. Also, make sure to plot marginal data in between quantities. For example, the MU associated with $10,000 of income should have an horizontal axis value of 5,000.
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Income
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Total utility (utils)
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$0
|
800
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|
$10,000
|
850
|
|
$20,000
|
900
|
|
$30,000
|
950
|
|
$40,000
|
1000
|
Carmen works part-time as a dental hygenist. Given the following information, calculate Carmen's marginal utility associated with the different income levels.
Use the multi-point line tool along with your calculations to graph Carmen's marginal utility (MU) curve. Hint: make sure to plot a point for each income level listed in the table, with the exception of I=$0. Also, make sure to plot marginal data in between quantities. For example, the MU associated with $10,000 of income should have an horizontal axis value of 5,000.
|
Income
|
Total utility (utils)
|
|
$0
|
800
|
|
$10,000
|
850
|
|
$20,000
|
900
|
|
$30,000
|
950
|
|
$40,000
|
1000
|
|
Fundamental lessons the ten principles of economics
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: Calculate marginal utility (MU) by finding the change in utility when income changes. For example, when income changes from $0 to $10,000 total utility changes from 800 to 850, which is a change of 50.
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