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Marginal value for lattes

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Reference no: EM132240963

The following table shows Jill's utility function for Lattes in a week.

Cup of Latte Total utility MU

0 0

1 100

4 300

6 360

11 540

14 740

16 860

a. Fill in the MU column. MU is increasing/ decreasing, which shows the Law of _________________________. Does the law of diminishing returns justify the law of demand? Discuss briefly.

b. Jill's marginal value for lattes follows her____________ and is the basis of her ____________for lattes.

Reference no: EM132240963

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