Reference no: EM13178544
Number Consumed
0
1
2
3
4
5
6
7
Total Utility
0
5
11
18
24
30
35
32
1) Refer to the above table. The consumption of which bar yields the greates marginal utility?
A.Third
B. Fourth
C.Sixth
D. Seventh
2) Refer to the above table. Based on the data in the above table you can conclude that the:
A. Marginal utility of the fourth unit is 7
B. Marginal utility of the third unit is 18
C.Total utility of 5 units is 30
D. Total utility of 3 units is 34
3) The reason why people are charged for an additional can of soda they get from a soda machine, but are not charged for an additional paper taken from a newspaper dispensing machine, is that the marginal utility of an additional:
A.Soda is close to zero, but the marginal utility of an additional paper diminishes slowly
B.Soda diminishes slowly, but the marginal utility of an additional paper is close to zero
C. Soda increases by more than that of the newspaper as consumption increases
D. Newspaper increases by more than that of soda as consumption increases
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