6A Web Quiz.docx - (6A Web Quiz 1 Utility is The...

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(6A Web Quiz) 1) Utility is: The satisfaction or pleasure one get from consuming a good or service. 2) Which table correctly represents this Total Utility (TU) graph? Ans:
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3) Calculate Marginal Utility (MU): Ans: 4) Which graph is drawn correctly? Utility Graph/Quantity Consumed Ans: 5) Why are there so many skiers in the fall when the snow is bad and so few in the spring when the snow is good? Ans: Law of diminishing marginal utility.
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6) If lobster was free and if lobster was your favorite food, why wouldn’t you eat lobster for every meal, every day? Ans: Law of diminishing marginal utility. 7) Why do pop vending machines allow you to only get only one can at a time, while newspaper vending machines allow you to take as many as you want when you only pay for one? Ans: Newspapers have rapidly diminishing marginal utility
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