It is mandetary that a rational customer will not purchase

Reference no: EM1331267

Total and Marginal Utility

Complete the following table and answer the questions below:
Units Consumed Total Utility Marginal Utility
0 0 .
1 10 10
2 . 8
3 25
4 30 .
5 . 3
6 34 .

1. At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know?

2. "A rational consumer will purchase only 1 unit of the product represented by these data, since that amount maximizes marginal utility." Do you agree? Explain why or why not.

3. "It is possible that a rational consumer will not purchase any units of the product represented by these data." Do you agree? Explain why or why not.

Reference no: EM1331267

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