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18.7 Questions

18.7 Questions - product decreases 26 Why would an ounce of...

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1. What is the difference between marginal and total utility? 2. Can marginal utility be negative? Briefly explain with an example. 10. Why is it not sufficient to just compare the marginal utility of two goods when maximizing utility? 17. Explain the income and substitution effects and use the concepts to describe what happens when the price of a
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Unformatted text preview: product decreases. 26. Why would an ounce of gold be priced higher than an ounce of coffee beans, even though coffee is generally considered more essential than gold? Explain the paradox in terms of marginal and total utility....
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